Fitch Downgrades CIT's IDR to 'RD' Following Completion of Tender Offer

NEW YORK--(Business Wire)--
Fitch Ratings has downgraded CIT Group Inc.'s (CIT) Issuer Default Rating (IDR)
to Restricted Default (RD) from 'C' following completion of the company's bond
tender offer, which covered the purchase of 59.81% of the company's $1 billion
floating rate senior secured notes.

The purchase is considered a Coercive Debt Exchange (CDE) and consistent with
Fitch's CDE criteria. Specifically, bondholders that validly tendered will
receive a reduction in principal and, absent completion of the offer, there
would have existed a very high probability that CIT would file for bankruptcy.

Despite completion of the offer, Fitch believes CIT's liquidity issues remain
acute with bankruptcy still a potential outcome. Fitch also believes that, as
part of the company's broader recapitalization plan, additional CDEs are
forthcoming. Since the company's future prospects remain uncertain, Fitch does
not anticipate raising CIT's IDR in the near term. The issue level ratings of
CIT and the ratings of CIT Bank and CIT's non U.S. subsidiaries are unaffected
by today's action.

The following has been downgraded:

CIT Group Inc.

--Long-term IDR to 'RD' from 'C';

--Short-term IDR at to 'RD' from 'C';

--Individual rating to 'F' from 'E'.

The following ratings remain unchanged:

CIT Group Inc.

--Senior debt of 'C/RR4';

--Subordinated of 'C/RR6';

--Junior subordinated debt of 'C/RR6';

--Senior subordinated debt of 'C/RR6';

--Preferred stock of 'C/RR6'

--Short-term debt of 'C'

--Support rating of '5';

--Support floor of 'NF'.

CIT Bank

--Long-term IDR 'C';

--Long-term deposits 'CCC/RR2';

--Short-term IDR'C';

--Short-term deposits 'C';

--Individual rating 'E';

--Support rating '5';

--Support floor 'NF'.

CIT Funding Group of Canada, Inc.

--Long-term IDR 'C';

--Senior debt 'C/RR4';

--Short-term IDR 'C'.

CIT Group (Australia) Inc.

--Long-term IDR 'C';

--Senior 'C/RR4';

--Short-term IDR 'C';

--Short-term 'C'.

Fitch's rating definitions and the terms of use of such ratings are available on
the agency's public site, 'www.fitchratings.com'. Published ratings, criteria
and methodologies are available from this site, at all times. Fitch's code of
conduct, confidentiality, conflicts of interest, affiliate firewall, compliance
and other relevant policies and procedures are also available from the 'Code of
Conduct' section of this site.

Fitch Ratings
Vincent Arscott, CFA, 212-908-0872, New York
William Artz, 312-368-3178, Chicago
or
Media Relations:
Brian Bertsch, 212-908-0549, New York
Email: brian.bertsch@fitchratings.com

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