Fitch Cuts Senior Ratings Of CIT Group

NEW YORK (AP) — Credit ratings agency Fitch Ratings said Monday that it cut the senior debt ratings of CIT Group Inc. and placed all of the company's ratings on a negative watch.

The diversified financial services firm's senior debt ratings and its Canadian and Australian subsidiaries were cut to "BB" from "BB+." Both the old and new ratings are considered non-investment grade.

Fitch said it cut the ratings and placed all of CIT Group's ratings, including its issuer default rating, on a negative watch because of reduced financial flexibility. CIT is facing about $1.5 billion of maturing debt obligations in June, Fitch said in a statement. ...