|
E' molto probabile che quello appena visto sia solo il primo di una serie di distressed exchanges sul debito di CIT, secondo Fitch, sempre che basti.
In effetti...
Fitch Downgrades CIT's IDR to 'RD' Following Completion of Tender Offer
17 Aug 2009 3:14 PM (EDT)
Fitch Ratings-New York-17 August 2009: Fitch Ratings has downgraded CIT Group Inc.'s (CIT) Issuer Default Rating (IDR) to Restricted Default (RD) from 'C' following completion of the company's bond tender offer, which covered the purchase of 59.81% of the company's $1 billion floating rate senior secured notes.The purchase is considered a Coercive Debt Exchange (CDE) and consistent with Fitch's CDE criteria. Specifically, bondholders that validly tendered will receive a reduction in principal and, absent completion of the offer, there would have existed a very high probability that CIT would file for bankruptcy.
Despite completion of the offer, Fitch believes CIT's liquidity issues remain acute with bankruptcy still a potential outcome.
Fitch also believes that, as part of the company's broader recapitalization plan, additional CDEs are forthcoming.
Since the company's future prospects remain uncertain, Fitch does not anticipate raising CIT's IDR in the near term. The issue level ratings of CIT and the ratings of CIT Bank and CIT's non U.S. subsidiaries are unaffected by today's action.
....
|