By mid-afternoon, shares of CIT were still down 21.5% in afternoon trading to $9.70. Shares have traded between $9.55 and $61.47 in the last twelve months. Earlier this week, Moody's Investors Services cut CIT Group's issuer rating, while Standard & Poor's cut its counterparty rating, citing reduced financial flexibility due to the credit market turmoil. On Wednesday, Fitch Ratings put CIT on review for a possible downgrade. But investors were somewhat comforted Thursday after S&P said CIT's $7.3 billion plan would not further affect its ratings or outlook. Like many other financial services firms, CIT Group has been hampered since the middle of 2007 by deterioration in the credit markets stemming from rising delinquencies and defaults among mortgages. Last year, the company shut down its mortgage lending operations, but it still holds a portfolio of loans, and during the fourth quarter, the company set aside $385.5 million to cover bad mortgages.