Daily News: October 5, 2012

CIT to Cut Bond Sales With Investment Grade in Sight


Bloomberg reported, according to CIT treasurer Glenn Votek, that the middle market lender will limit debt sales and focus on increasing deposits as it tries to gain investment-grade status.

Bloomberg said, citing its own data, that CIT has offered $9.25 billion in debt this year, more than any other company since at least 1999.

Bloomberg quotes Votek as saying, “Having a meaningful deposit platform that can provide a stable source of funding will be critical to us to gain an investment-grade rating.”

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