Sterne Agee Maintains Buy On CIT Group, Inc. (CIT)

CIT Group Inc.

announced that it has sold almost $500 Million in corporate finance loans. CIT announced new committed conduit facilities for its trade finance & European Vendor finance businesses. By utilizing the combined resources, the company has reduced its 1st lien debt to $4 billion. The announcement highlights key aspects of the company’s plan to reduce debt by concentrating on successful core business & establishing cost effective lending facilities. Sterne Agee has given a Buy rating to CIT Group Inc.