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Moody's upgrades CIT Group

Moody's upgraded several ratings for New York-based CIT Group Inc. and unit CIT Bank NA.

CIT Group's senior unsecured rating was upgraded to Ba1 from Ba2; its subordinate shelf rating was upgraded to (P)Ba2 from (P)Ba3; and its senior unsecured bank credit facility rating was upgraded to Ba1 from Ba2, among others.

Meanwhile, the bank's issuer rating was upgraded to Ba1 from Ba2 and its baseline credit assessment to baa3 from ba1. Its short-term deposit rating was affirmed at P-2.

The outlook on the ratings remains positive.

The rating agency attributed the upgrade to the company's reduced use of market funds, improved predictability of operating earnings and increased emphasis on less-risky secured lending. The upgrade also reflects the bank's efforts to refine its deposit-taking strategy and improve deposit quality.