Capital markets disruptions linked to U.S. mortgage woes and rating agency actions have affected the liquidity of CIT Group Inc., according to the New York-based commercial finance company. CIT said that, as a result of its liquidity concerns, it is "drawing upon its $7.3 billion in unsecured U.S. bank credit facilities" and using the proceeds "to repay debt maturing in 2008, including commercial paper, and provide financing to its core commercial franchises." The company also said it would "continue to actively seek additional funding sources, as well as explore and execute on the sale of nonstrategic assets and/or business lines."
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