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Stating the obvious, Fitch says a "default of some kind appears imminent or inevitable" for CIT...

Jul. 17, 2009 8:05 AM ETFirst Citizens BancShares, Inc. (FCNCA)FCNCABy: Rachael Granby, SA News Editor
Stating the obvious, Fitch says a "default of some kind appears imminent or inevitable" for CIT Group (NYSE:CIT), and cuts CIT's credit rating seven notches to C.

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