July 16, 2009 / 12:19 PM / 10 years ago

Costs jump to insure debt of CIT

NEW YORK (Reuters) - The cost to insure the debt of U.S. lender CIT Group Inc against the risk of default rose sharply on Thursday, after the company said bailout talks with the government had ended.

That development stirred concerns that the company could be driven into bankruptcy, analysts said.

CIT’s credit default swaps widened to about 47 percent as an upfront cost, from 34 percent late on Wednesday, according to Phoenix Partners Group data.

Reporting by John Parry; Editing by Walker Simon

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