CIT Group Inc. emerged from bankruptcy protection on Thursday in the United States.  In anticipation of this development, S&P removed its D rating on the group and its subsidiaries, stating that it will assign new ratings as soon as it has sufficient information to appraise the company's future prospects. Fitch Ratings took similar action on Friday and also affirmed and then withdrew its C issuer default rating on CIT Group Australia. The affirmation reflects the waiving of remedies under default by bondholders in exchange for security interest in that entity's assets but a lack of detailed financial information necessitated the withdrawal of CIT Australia's ratings. CIT has reduced its total debt by approximately US$10.5 billion and deferred debt maturities for three years, thereby enhancing capital ratios to levels that exceed regulatory requirements. CIT will issue 200 million shares of new common stock to eligible debt holders in exchange for their claims against the debtors.Payments on reinstated debt and other unimpaired claims that were stayed during the Chapter 11 cases will be made as soon as practicable after emergence. The new debt securities issued will begin to accrue interest on the emergence date.