S&P: CIT Group May Receive Debt Guarantee

S&P has just reiterated it's "hold" position on shares of CIT Group Inc.(CIT). Among other reasons, the ratings agency states it's belief that CIT will in fact receive FDIC backing of it's debt. Notably, S&P's note also refers to the WSJ's Saturday story about CIT as an "unconfirmed report". From this, we must conclude that S&P either knows something that the rest of us don't, or they have determined CIT to be systemically significant enough that the Government will not allow it to fail.

Click here for the full text of S&P's statements

*Still no position in CIT Group

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