Daily News: July 24, 2014

S&P Affirms CIT’s Ratings, Supports OneWest Acquisition

The StreetInsider.com reported that S&P affirmed its BB- long-term and B short-term issuer credit ratings on CIT Group, as well as the company’s BB- ratings on its senior unsecured debt, signaling a positive outlook.

The article said S&P views CIT’s pending OneWest Bank parent IMB Holdco acquisition as likely to improve CIT’s current credit profile, despite the fact that the transaction will weaken the company’s capital and raise integration and strategic risks and uncertainties.

To read the entire StreetInsider.com report, click here.

Previously on abfjournal: CIT to Acquire OneWest Bank, JULY 22, 2014