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    2014 Commercial Aerospace Outlook
    CIT Executive Insights Video Examines Commercial Aerospace Sector
    International Airline Industry Expected to Expand in 2014
    U.S. Market Represents Opportunity for Growth
    New Aircraft on the Horizon
    Operating Leases Gain in Popularity
    Wednesday, March 12, 2014 08:30 AM
    The triple seven-x is going to be a large wide-body, long-haul aircraft, which we think will be very successful in the marketplace

    NEW YORK--(BUSINESS WIRE)--The airline industry, and with it, air traffic, is expected to increase in 2014, with Asia and Latin America representing the fastest growing markets, according to Tony Diaz, President of CIT Aerospace at CIT Group, Inc. (NYSE:CIT) cit.com, a leading provider of financing and advisory services to transportation-based companies, small businesses and middle market companies. These views and others are presented in the “2014 Commercial Aerospace Outlook” (cit.com/diaz), the latest in a series of in-depth executive video Q&As featured in the award-winning CIT Executive Insights video series (cit.com/executiveinsights).

    Opportunity to Re-Fleet in the United States

    After several years of major airline consolidations, the United States is ripe for growth. According to Diaz, “It’s a market where for the last ten years airlines have been more involved in fixing their balance sheets. It’s time for those airlines to re-fleet, so we see a great opportunity to add aircraft in the United States.”

    Consolidation and Consumers

    Although consolidation in the United States is all but over, international consolidation is still expected, which may ultimately benefit consumers. “However, near-term concerns about higher fares will be moderated because there is sufficient competition. Low-cost carriers have penetrated virtually every market and can step in if the large airlines increase fares.”

    The Order Book and Beyond

    CIT’s current order book focuses on new modern technology aircraft, which includes Boeing’s 787 and 737 Max, Airbus’s A350 and the A320 Neo. On the horizon for the industry is the E2 version of Embraer’s E-Jet and Boeing’s 777x. “The triple seven-x is going to be a large wide-body, long-haul aircraft, which we think will be very successful in the marketplace,” said Diaz.

    Evolving Aircraft Financing

    Aircraft financing has changed over the years. Approximately 40% of aircraft today are financed through the operating lease, which continues to gain popularity. “The operating lease allows airlines to free up cash and their balance sheet,” said Diaz. “Our expectation is that number will grow to about 50% over the next ten years.”

    Leading the Way in Aerospace Financing

    As one of the largest aircraft lessors with approximately $10 billion in assets and approximately 150 aircraft on order, CIT strives to be relevant with airline customers as well as with original equipment manufacturers (OEMs). “When OEMs are discussing new products, engines or airframes, CIT is at the table putting our knowledge to work by providing our opinions on what works and what doesn’t work for our customers,” said Diaz. “It’s also important that the airlines understand that we have the products that fit their needs, whether it’s brand new aircraft, bank debt or a sale-lease back of their existing portfolio.”

    EDITOR’S NOTE:

    View CIT’s corporate overview video (cit.com/corporatevideo) and CIT’s Perspectives (cit.com/perspectives), which showcases our insights and ability to put our knowledge to work for the small business, middle market and transportation sectors. Follow us onTwitterLinkedInYouTube and Facebook or register to receive press releases at cit.com/newsalerts.

    About CIT Aerospace

    As one of the world's leading aircraft leasing organizations, CIT Aerospace provides leasing and financing solutions – including operating leases, capital leases, loans and structuring and advisory services – for commercial airlines worldwide. CIT Aerospace owns and finances a fleet of more than 300 commercial aircraft and has more than 100 customers in approximately 50 countries. cit.com/aerospace

    About CIT

    Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $35 billion in financing and leasing assets. It provides financing, leasing and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in middle market lendingfactoringretail and equipment finance, as well as aerospaceequipment and rail leasing. CIT operates CIT Bank (Member FDIC), its primary bank subsidiary, which, through its Internet bank BankOnCIT.com, offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com

    Contact:

    CIT MEDIA RELATIONS:
    C. Curtis Ritter, 973-740-5390
    Senior Vice President of Corporate Communications
    Curt.Ritter@cit.com
    or
    Matt Klein, 973-597-2020
    Vice President, Media Relations
    Matt.Klein@cit.com
    or
    CIT INVESTOR RELATIONS:
    Barbara Callahan, 973-740-5058
    Senior Vice President
    Barbara.Callahan@cit.com

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