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Moody's upgrades CIT Group following review

Moody's upgraded the CIT Group Inc.'s senior unsecured rating to Ba2 from Ba3 and upgraded subsidiary CIT Bank NA's issuer rating to Ba2 from Ba3.

The outlook was revised to stable from rating under review.

The rating agency said the sale of CIT Group's aircraft leasing business to Avolon Holdings Ltd will have a positive impact on CIT Group's risk profile, citing a decrease in volatile market funding, reduction in lease residual risks and simplification of operations and organizational structure.

The rating action concludes Moody's review of CIT Group's ratings initiated Oct. 7, 2016.