Fitch Rates CIT Equipment Collateral 2004-VT1.

Business Editors

CHICAGO--(BUSINESS WIRE)--March 11, 2004

Fitch has assigned ratings to the CIT Equipment Collateral 2004-VT1 (CITEC 2004-VT1) notes as follows:

-- $311,000,000 class A-1 notes 'F1+';

-- $150,000,000 class A-2 notes 'AAA';

-- $345,000,000 class A-3 notes 'AAA';

-- $57,080,000 class A-4 notes 'AAA';

-- $25,730,000 class B notes 'AA';

-- $14,030,000 class C notes 'A';

-- $32,746,370 class D notes 'BBB'.

The class A ratings reflect credit enhancement provided by the subordination of the class B notes (2.75%), the class C notes (1.50%), the class D notes (3.50%) and the initial cash collateral account (7.75%). The class B rating reflects credit enhancement provided by the subordination of the class C notes and D notes, along with the cash collateral account. The class C rating reflects credit enhancement provided by the subordination of the class D notes and the cash collateral account. The class D rating reflects credit enhancement provided by the cash collateral account. The ratings address the payment of interest and principal in accordance with the terms of the legal documents.

The underlying pool of contracts backing the CITEC 2004-VT1 notes consists of equipment lease contracts on new and used technology and other small-ticket equipment originated or acquired by the commercial business units of the Specialty Finance segment of CIT Group Inc (CIT). The initial contract principal balance is approximately $936.7 million. The pool contains 62,780 contracts with major equipment types being computers, telecommunications and office equipment.

In determining credit enhancement levels, Fitch took into consideration performance of CIT's past securitizations, as well as its total managed portfolio. Through this analysis, Fitch was able to isolate the historical performance of collateral types relevant to the CITEC 2004-VT1 transaction, while taking into account CIT's low level of annualized losses. In addition, Fitch considered the overall strength of CIT and its relationships with entities such as Dell Computer Corp. Ultimately, credit enhancement levels were sized to withstand multiples of historical losses at each rating level over the life of the transaction.

CIT Group Inc. is a leading diversified finance company engaging in vendor, equipment, commercial, consumer and structured financing, and leasing activities. CIT is rated 'A' by Fitch's Financial Institutions group.

CITEC 2004-VT1 is the sixth securitization of CIT's technology assets since its acquisition of Newcourt Credit Group, Inc. in November 1999.