CIT Bank, N.A. -- Moody's Reviews CIT's ratings for upgrade

New York, October 07, 2016 -- Moody's Investors Service, ("Moody's") placed the ratings of CIT Group Inc. and its subsidiary CIT Bank, N.A. on review for possible upgrade. These include CIT Group's Ba3 senior unsecured, (P)Ba3 subordinate shelf, (P)B1 preferred shelf, and (P)B2 non-cumulative preferred shelf ratings, and CIT Bank's ba2 baseline credit assessment and adjusted baseline credit assessment, Baa3 long-term deposit, Ba3 Issuer and Prime-3 short-term deposit ratings. This follows CIT's announcement that it has entered into an agreement to sell its commercial aircraft leasing business to Avolon Holdings Limited.

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