According to S&P, 643 rated US synthetic CDOs and 12 rated US cashflow and hybrid CDOs have collateral exposure to CIT Group, which the rating agency downgraded to single-D on 2 November.

In addition, three publicly rated US non-traditional structured credit transactions - CIT Aviation Finance I, CIT Aviation Finance II and CIT Small Business Loan Trust 2008-1 - have exposure to CIT entities acting as servicer, while CIT is the back-up servicer on two other non-traditional structured credit transactions: RASPRO Trust 2005's Class B notes series 2005-1 and RASPRO Class G Pass Through Trust 2005-1.

On 21 July 2009, the rating agency placed its ratings on the Class A-1 notes from the CIT Aviation Finance trusts on credit watch with negative implications following the downgrade of CIT Group to double-C. CIT Aerospace International, a unit of CIT Group, acts as a servicer in these transactions. The credit watch placements reflect the specialised nature of CIT's servicing role for these transactions, as well as S&P's view of possible servicer risks because the transaction documents for these trusts do not specify a backup servicer.