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S&P Downgrades CIT Group To Junk, May Cut Again

Stock quotes in this article: CIT  

NEW YORK (AP) — Standard & Poor's Ratings Services on Friday lowered its ratings on commercial finance and leasing provider CIT Group Inc. to non-investment grade status, citing its available liquidity and ability to repay debt.

S&P cut the ratings, including CIT's counterparty credit rating, to "BB-/B" from "BBB-/A-3". It also lowered its ratings on CIT's hybrid capital instruments to "CCC+" from "B+."

In addition, it placed the ratings on CreditWatch with negative implications, meaning it could cut the ratings further after reviewing them. ...

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