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.”