Fitch Comments On CIT's $3 Billion Financing Deal

Business Wire, June 9, 2008

NEW YORK -- CIT Group (CIT rated 'A-'/'F2' by Fitch) announced today that is has agreed to long term, committed financing provide by Goldman Sachs. The facility provides CIT with $3 billion of financing secured by existing assets and new originations.

While the deal does not warrant a rating action at this time, Fitch views this development positively as it adds financial flexibility and removes a level of uncertainty regarding the execution of CIT's strategic plan. Fitch considers the company's return to the unsecured debt markets an important ratings driver. Fitch believes the company needs to complete a number of initiatives, such as asset sales and growing the Utah bank. Once CIT completes its strategic transformation, Fitch will monitor the operating performance of the commercial finance businesses and determine if the underlying funding mix supports the current rating.

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