Standard & Poor's Ratings Services affirmed its ratings on CIT Group and CIT's related entities, including its 'A/A-1' counter-party credit rating on CIT. The outlook has been revised to positive from stable.
"The ratings on CIT reflect the company's strong position as one of the largest independent finance companies, its satisfactory and improving profitability, and its moderate financial leverage," said Standard & Poor's credit analyst Scott Sprinzen.
CIT has a high degree of diversity within the commercial and consumer finance sectors. The company is the largest provider of receivables factoring services in the US and is among the leading competitors in vendor financing and aircraft and rail car leasing. CIT is also the largest provider of loans under the US government's Small Business Administration 7(a) loan programme and it has sizable residential mortgage and student loan operations.
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