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Fitch cuts CIT Group ratings to "D"
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NEW YORK - Fitch Ratings on Monday cut its long-term and short-term issuer default ratings for CIT Group Inc. to "D" from "RD," citing the company's bankruptcy protection filing.
The ratings of CIT Bank and the company's other operating subsidiaries, which were not included in Sunday's Chapter 11 filing, remain unchanged.
Fitch said it expects to assign recovery ratings on a debt level basis pending a review of additional information.
CIT shares plunged 46 cents, or 64 percent, to 26 cents in afternoon trading.
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