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Article: Fitch Sees Minimal Impact on XLS Student Loan Servicing Due to CIT Bankruptcy.
- Article from:
- Business Wire
- Article date:
- November 4, 2009
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NEW YORK -- Fitch Ratings believes that the bankruptcy of CIT Group Inc. (CIT) will not have material performance implications resulting from operational deterioration for the trusts serviced by Xpress Loan Servicing (XLS). CIT Group Inc. (CIT) is the parent company of Education Lending Group (ELG) and XLS. The trusts serviced by XLS include: Education Lending Group - Education Funding Capital Trust II, III, IV, and CIT Education Loan Trust 2005-1 as well as a portion of PARTS Student Loan Trust 2007-CT1.
Fitch downgraded the long-term Issuer Default Ratings (IDRs) of CIT to 'D' from 'RD' after the company filed a voluntary petition seeking relief under Chapter ...