From: Justin X Gratz czi

From: Justin X Gratz czi k" To: Undisclosed recipients:; Subject: CIT Rated by Standard & Poor's Date: Fri, 30 Apr 2010 12:50:51 +0000 Attachments: image001.emz; image002.emz Inline-Images: image004.png Yesterday, Standard & Poor's assigned a B+/B rating to CIT Group's second-lien secured notes and unsecured debt with a positive outlook. The ratings were in-line with what consensus expected but came a little earlier than expected. This announcement clears the way for a key catalyst to be met - inclusion in high yield indices. As a reminder, high yield index funds create demand for about half of the high yield market and CIT, expected to be one of the largest holdings in high yield indices given the amount of bonds outstanding, will be hard to ignore. Standard & Poor's highlighted the stronger financial profile post-Chapter 11 as well as an improving economy and credit markets to support the ratings. CIT remains a leader in three niche businesses (factoring, transportation, and vendor finance) and continues to focus on providing financing for small and middle-market companies, a largely underserved sector much to the dismay of politicians. Lastly, Standard & Poor's also noted that loan losses in the near future should be much reduced as the company had marked its loans to market as a part of the prepackaged bankruptcy. There remain some hurdles for the company (such as the FDIC Cease and Desist order and reliance on wholesale funding) but as these issues are resolved, Standard & Poor's left open the door for future ratings upgrades. Source: LP. Morgan Securities, Inc., Bloomberg. Data as of 4/29/10. EFTA00759443 Justin R. Gratz Global Investment Opportunities Group 40 W. 57th St., 33rd Floor New York, NY 10019 EFTA00759444