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S&P affirms CIT issuer credit ratings

S&P Global Ratings on Dec. 18 affirmed CIT Group Inc.'s long-term issuer credit rating of BB+ and its short-term issuer credit rating of B, as well as subsidiary CIT Bank NA's long-term issuer credit rating of BBB-.

S&P said it also affirmed the BB+ senior unsecured debt ratings and B+ preferred stock rating. The outlook on the long-term ratings remains stable.

The rating agency noted that it now applies its bank criteria in rating CIT, instead of its nonbank financial institutions criteria, in line with the company's transition to a national bank. Deposits have risen to 78% of funding, from 64% in 2015, and assets in the Pasadena, Calif.-based bank have increased to 82% from 65% over the same period. S&P expects CIT to lower its capital ratios in the next 12 months and for its net charge-offs to be "somewhat above" traditional bank peer levels "over the next few years."

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