S&P downgrades CIT

Standard & Poor's said today that it downgraded CIT Group Inc.'s long-term counterparty credit rating to CC from CCC+. Ratings remain on CreditWatch negative, where they were placed June 12.

"The downgrade reflects our belief that there is an increased risk that CIT may declare bankruptcy in the near term or take other actions that will be detrimental to debt holders," S&P analyst Rian M. Pressman said in a statement.

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