S&P rates CIT Bank BBB-

Standard & Poor's said it assigned a BBB- long-term issuer credit rating to CIT Bank NA.

The outlook is stable.

The rating reflects the bank’s status as a core subsidiary of CIT Group Inc., S&P said.

The bank is central to CIT's strategy to move toward a U.S. commercial-banking model and accounts for more than half of CIT's common equity tier 1 capital, S&P said.

The rating also reflects CIT's strong risk-adjusted capital and liquidity, which is partially offset by its moderate business and risk positions, the agency said.

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