info

Yes No
Moodys.com
Terms of Use
REGULATORY
.
SUSTAINABILITY
.
DIVERSITY, EQUITY & INCLUSION
CAREERS
.
ABOUT US
.
CONTACT US
HOME
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

 

By clicking “I AGREE”, you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

Terms of One-Time Website Use

 

1.             Unless you have entered into an express written contract with www.moodys.com to the contrary and/or agreed to the Terms of Use at www.moodys.com or ratings.moodys.com, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.                   

 

2.             CREDIT RATINGS AND MOODY’S MATERIALS FOUND ON WWW.MOODYS.COM OR SITES OTHER THAN RATINGS.MOODYS.COM MAY NOT BE DISPLAYED IN REAL TIME. FOR REAL-TIME DISPLAYS OF CREDIT RATINGS AND OTHER INFORMATION REQUIRED TO BE DISCLOSED BY MIS PURSUANT TO APPLICABLE LAW OR REGULATION, PLEASE USE RATINGS.MOODYS.COM.           

 

3.             You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities. Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision. No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.

 

4.             To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.     

 

5.             You agree to read and be bound by the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.​​​

 

6.             You agree that any disputes relating to this agreement or your use of the Information, whether in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

​
I AGREE
Announcement:

Moody's comments on ABS following CIT's emergence from bankruptcy

09 Dec 2009

No action on approximately $7 billion of related Asset-Backed Securities.

New York, December 09, 2009 -- Yesterday, the CIT Group Inc. ("CIT") announced that the U.S. Bankruptcy Court for the Southern District of New York has confirmed CIT's prepackaged plan of reorganization. CIT also indicated that it anticipates emerging from bankruptcy on December 10, 2009. CIT's emergence from bankruptcy has no immediate impact on Moody's ratings of CIT-sponsored Asset-Backed Securities (ABS).

On July 15, 2009 Moody's placed several ratings in these transactions under review for possible downgrade as CIT's bankruptcy became more likely. The review reflected our concern on the potential impact of a CIT bankruptcy on its servicing operations. CIT's successful debt restructuring is clearly a positive factor for the stability of the servicing platforms going forward. However, Moody's will maintain the ratings under review pending a review of CIT's operations. We expect to complete the review and take final actions in the first quarter of 2010.

CIT, through its subsidiaries, acts as the servicer, master servicer, administrator, or servicing administrator in sixteen asset-backed securitizations rated by Moody's. Importantly, the prepackaged reorganization plan did not include any of these entities or any other of CIT's operating subsidiaries. Even when servicing entities are not in bankruptcy, however, a parent company's financial distress may still impact servicing quality. For example, the parent company may decide to reduce staff at some of its subsidiaries, or postpone planned technology investments. Also, the servicer's employees may lack proper motivation or seek employment elsewhere, disrupting normal workflow. To date, we have no evidence that CIT's process servicing quality has deteriorated in a material fashion (as may be suggested, for example, by a spike in delinquencies) during the course of the bankruptcy.

Our further review of CIT's operations will include servicers for student loans, small business loans, and equipment leases in the US and in Canada. Our goal is to understand the details of the company's plans and implementation progress, particularly with regard to human resources and investment in the businesses going forward.

A Moody's special comment published on October 1 describes in more detail the risks associated with a possible servicing disruption in CIT transactions, presents a framework which we employed to evaluate the likelihood of disruption, and summarizes our view of related strengths and concerns in CIT-serviced ABS.

For more details, please see the report "Assessing the Impact of a Possible CIT Bankruptcy on CIT-Serviced ABS", which can be found on moodys.com. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

The ABS discussed in this press release are listed below.

U.S. Student Loan ABS:

Issuer: Education Funding Capital Trust - IV (2004 Indenture)

Class 2004A-2, Currently rated Aaa on Review for Possible Downgrade, previously on July 15, 2009 Placed Under Review for Possible Downgrade

Class 2004A-3, Currently rated Aaa on Review for Possible Downgrade, previously on July 15, 2009 Placed Under Review for Possible Downgrade

Class 2004A-4, Currently rated Aaa on Review for Possible Downgrade, previously on July 15, 2009 Placed Under Review for Possible Downgrade

Class 2004A-5, Currently rated Aaa on Review for Possible Downgrade, previously on July 15, 2009 Placed Under Review for Possible Downgrade

Class 2004A-6, Currently rated Aaa on Review for Possible Downgrade, previously on July 15, 2009 Placed Under Review for Possible Downgrade

Class 2004B-1, Currently rated A2 on Review for Possible Downgrade, previously on December 19, 2008 Placed Under Review for Possible Downgrade

Issuer: CIT Education Loan Trust 2005-1

Class A-1, Currently rated Aaa on Review for Possible Downgrade, previously on July 15, 2009 Placed Under Review for Possible Downgrade

Class A-2, Currently rated Aaa on Review for Possible Downgrade, previously on July 15, 2009 Placed Under Review for Possible Downgrade

Class A-3, Currently rated Aaa on Review for Possible Downgrade, previously on July 15, 2009 Placed Under Review for Possible Downgrade

Class A-4, Currently rated Aaa on Review for Possible Downgrade, previously on July 15, 2009 Placed Under Review for Possible Downgrade

Class B, Currently rated Aa1 on Review for Possible Downgrade, previously on July 15, 2009 Placed Under Review for Possible Downgrade

Issuer: CIT Education Loan Trust 2007-1

Class A, Currently rated Aaa on Review for Possible Downgrade, previously on July 15, 2009 Placed Under Review for Possible Downgrade

Class B, Currently rated Aa1 on Review for Possible Downgrade, previously on July 15, 2009 Placed Under Review for Possible Downgrade

Issuer: Education Funding Capital Trust -II (2003 Indenture)

Ser . 2003A-3, Currently rated Aaa on Review for Possible Downgrade, previously on March 17, 2009 Placed Under Review for Possible Downgrade

Ser . 2003A-4, Currently rated Aaa on Review for Possible Downgrade, previously on March 17, 2009 Placed Under Review for Possible Downgrade

Ser . 2003A-5, Currently rated Aaa on Review for Possible Downgrade, previously on March 17, 2009 Placed Under Review for Possible Downgrade

Ser . 2003A-6, Currently rated Aaa on Review for Possible Downgrade, previously on March 17, 2009 Placed Under Review for Possible Downgrade

Ser . 2003A-7, Currently rated Aaa on Review for Possible Downgrade, previously on March 17, 2009 Placed Under Review for Possible Downgrade

Ser . 2003A-8, Currently rated Aaa on Review for Possible Downgrade, previously on March 17, 2009 Placed Under Review for Possible Downgrade

Ser . 2003B, Currently rated A2 on Review for Possible Downgrade, previously on March 17, 2009 Placed Under Review for Possible Downgrade

Issuer: Education Funding Capital Trust-III (2003 Indenture)

2003-A-3, Currently rated Aaa on Review for Possible Downgrade, previously on March 17, 2009 Placed Under Review for Possible Downgrade

2003A-4, Currently rated Aaa on Review for Possible Downgrade, previously on March 17, 2009 Placed Under Review for Possible Downgrade

2003A-5, Currently rated Aaa on Review for Possible Downgrade, previously on March 17, 2009 Placed Under Review for Possible Downgrade

2003A-6, Currently rated Aaa on Review for Possible Downgrade, previously on March 17, 2009 Placed Under Review for Possible Downgrade

2003A-7, Currently rated Aaa on Review for Possible Downgrade, previously on March 17, 2009 Placed Under Review for Possible Downgrade

2003A-8, Currently rated Aaa on Review for Possible Downgrade, previously on March 17, 2009 Placed Under Review for Possible Downgrade

2003B-1, Currently rated A2 on Review for Possible Downgrade, previously on March 17, 2009 Placed Under Review for Possible Downgrade

Canadian Equipment Lease and Loan ABS:

Issuer: CIT Canada Equipment Receivables Trust 2008-1

Class A-2, Currently rated Aaa on Review for Possible Downgrade, previously on July 15, 2009 Placed Under Review for Possible Downgrade

Issuer: CIT Canada Equipment Receivables Trust II, Series 2009-1

Class A-1, Currently rated P-1 on Review for Possible Downgrade, previously on July 15, 2009 Placed Under Review for Possible Downgrade

Class A-2, Currently rated Aaa on Review for Possible Downgrade, previously on July 15, 2009 Placed Under Review for Possible Downgrade

U.S. Equipment Lease and Loan ABS:

Issuer: CIT Equipment Collateral 2006-VT2

Class A-4, Currently rated Aaa on Review for Possible Downgrade, previously on July 15, 2009 Placed Under Review for Possible Downgrade

Class B, Currently rated Aa3 on Review for Possible Downgrade, previously on July 15, 2009 Placed Under Review for Possible Downgrade

Class C, Currently rated A2 on Review for Possible Downgrade, previously on July 15, 2009 Placed Under Review for Possible Downgrade

Class D, Currently rated Baa3 on Review for Possible Downgrade, previously on July 15, 2009 Placed Under Review for Possible Downgrade

Issuer: CIT Equipment Collateral 2008-VT1

Class A-2A, Currently rated Aaa on Review for Possible Downgrade, previously on July 15, 2009 Placed Under Review for Possible Downgrade

Class A-2B, Currently rated Aaa on Review for Possible Downgrade, previously on July 15, 2009 Placed Under Review for Possible Downgrade

Class A-3, Currently rated Aaa on Review for Possible Downgrade, previously on July 15, 2009 Placed Under Review for Possible Downgrade

Issuer: CIT Equipment Collateral 2009-VT1

Class A-1, Currently rated P-1 on Review for Possible Downgrade, previously on July 15, 2009 Placed Under Review for Possible Downgrade

Class A-2, Currently rated Aaa on Review for Possible Downgrade, previously on July 15, 2009 Placed Under Review for Possible Downgrade

Class A-3, Currently rated Aaa on Review for Possible Downgrade, previously on July 15, 2009 Placed Under Review for Possible Downgrade

U.S. Small Business ABS:

Issuer: CIT SBL Company 2008-1

Class A, Currently rated Aaa on Review for Possible Downgrade, previously on July 15, 2009 Placed Under Review for Possible Downgrade

New York
Luisa De Gaetano
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Gautam Garg
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's comments on ABS following CIT's emergence from bankruptcy
No Related Data.
© 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​
Moodys.com