Following the CIT Group's bankruptcy petition, Moody's has announced that no further ratings action will be taken on the sixteen ABS which CIT - through its subsidiaries - acts as the servicer, master servicer, administrator or servicing administrator for. Importantly, the rating agency notes that the prepackaged reorganisation plan did not include any of these or any other of CIT's operating subsidiaries.

Moody's had previously placed a number of CIT-sponsored ABS under review for possible downgrade, following the emergence of bankruptcy as a distinct near-term possibility. As such, a high likelihood of a CIT bankruptcy was already reflected in Moody's ABS ratings and the agency will therefore not be taking further rating action at this time.

The assets backing the transactions are equipment leases, small business loans, student loans and aircraft leases.