CIT Australia a still solvent C 09 November 2009 5:40PM Philip Bayley Fitch lowered its issuer default rating assigned to CIT Group Inc. to 'D' from 'RD' upon its filing for bankruptcy last Sunday, in the US. However, the rating assigned to CIT Group (Australia) Limited remains unchanged at 'C'.Similarly, S&P lowered its ratings on the parent to 'D' from 'SD' but also lowered the rating on the Australian subsidiary to 'D'. CIT Group (Australia) has A$300 million of March 2011 bonds outstanding (guaranteed by CIT Group Inc.), which are presumably now due and payable.