9.84%QQQQ 30.60 8.96%XLF 15.45 10.85%
Digg
Del.icio.us
Newsvine 
Facebook
Stumbleupon
NEW YORK - Fitch Ratings said Tuesday it views CIT Group Inc. announcement of the sale of certain assets as a positive for the company, but not worthy of prompting a ratings change.
| CIT | 4.68 |  -0.85 |
Fitch currently rates the diversified commercial lender "A-," which is considered investment grade. CIT Group is currently on a negative outlook, Fitch said in a statement.
Earlier Tuesday, CIT Group announced it would its home lending business to Lone Star Funds for $1.5 billion in cash, plus $4.4 billion of assumed debt. CIT Group also is selling its $470 million manufactured housing portfolio to Vanderbilt Mortgage and Finance Inc. at a loss, for about $300 million.
The sales help CIT Group exit the home lending business, which has posted millions of dollars in losses in recent quarters because of a sharp rise in delinquencies and defaults.
Fitch said the sales will reduce CIT Group's earnings volatility in the near future and improve liquidity.
Shares of CIT Group rose $1.45, or 21.3 percent, to $8.26 in afternoon trading. CIT Group shares have traded between $6.45 and $57.97 during the past year.
Republican John McCain and Democrat Barack Obama are heading into the third and ...
Joey Chestnut set a new fast-eating record when he ate 45 pizza slices in 10 min...
Oil prices rebounded from a 13-month low to rise above $81 a barrel Monday in As...
|
Get your next web design project done with our los angeles web design team - Best web design with great price.
|
Partners   
|
© 2008 The Ibtimes Company. All Rights Reserved. Terms of service | Privacy Policy | Advertising | About Us | Contact Us | Archives
EMAIL
PRINT
RSS
SHARE
