CIT Group Ratings Downgraded as Bankruptcy Looms

"CreditSights today downgraded CIT Group (NYSE: CIT) as it questioned whether the company has a viable business model to survive long-term, even if it seeks bankruptcy protection, as reported in today’s Wall Street Journal. The WSJ also said Moody’s downgraded CIT by four notches to near junk status. Standard & Poor’s and Fitch Ratings had already downgraded CIT to BB-."