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S&P drops CIT notes
Standard & Poor's said it lowered its long-term counterparty credit rating on CIT Group Inc. to SD (selective default) from CC following the completion of CIT's tender offer for its $1 billion of senior unsecured notes due Aug. 17.
In addition, the agency said it lowered its rating on the $1 billion of senior unsecured notes to D from CC. This rating will be subsequently withdrawn.
The long-term counterparty credit rating was removed from Creditwatch, where it was placed with negative implications on June 12, the agency noted.
"Under its criteria, the agency said it view CIT's completed exchange offer as a distressed exchange," said S&P credit analyst Rian M. Pressman, CFA.
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