The commercial lender which has been struggling to financeits business operations due to

The commercial lender, which has been struggling to financeits business operations due to high funding costs, reported awider-than-expected quarterly loss on Thursday. CIT said it still had not received approval to issuegovernment-backed debt through the Temporary LiquidityGuarantee Program, or TLGP For details, see [ID:nN22161610]. Moody’s believes that “borrowing costs could ease if CITgrows and sustains a base of low-cost deposits or if it obtainsapproval to issue guaranteed debt under the FDIC’s TemporaryLiquidity Guarantee Program,” said Wasden. The agency also said it is concerned that huge net lossescould eventually jeopardize CIT’s compliance with regulatorycapital requirements. “Moody’s believes that net losses CIT could report over thenext several quarters could lead to a meaningful reduction inthe firm’s capital levels,” Wasden said. After being granted approval to become a bank holdingcompany in December, CIT must now maintain a 13 percent totalcapital ratio and 15 percent at the CIT Bank level.

Moody’s said that at the end of the first quarter, CIT’spreliminary total capital ratio measured just 13 percent. Moody’s did say that CIT is well capitalized for theshort-term. “In Moody’s view, CIT’s liquidity profile includessufficient resources to meet the company’s near-termobligations.” The agency said its negative outlook is “based upon thecontinued operating challenges associated with the currentcredit cycle.”(Reporting by Tom Ryan; Editing by Kenneth Barry) Stocks Bonds Global Markets. Nothing cures a slump like sweeping the best team in baseball.That’s exactly what the Chicago Cubs did this weekend, as they beat the Arizona Diamondbacks in three games, turning around their prior 3-7 decline.Coming into the weekend, Arizona had the best record in the Major Leagues, 22-11. The best record now belongs to Florida, which is now 23-14.The Cubs saw much improvement in many aspects of the game.

Ted Lilly and Alfonso Soriano both made highlights this weekend after slow starts to the year.Soriano hit .555 during the series, improving his overall average to .223. Soriano also had two runs batted in this weekend, including the go-ahead run in the six-run seventh inning on Saturday. The Cubs won that game 7-2.He got the majority of the Cubs’ 6-4 Mother’s Day win off. Soriano was a pinch hitter late in the game, drawing a walk.In the first game, a 3-1 Chicago victory, Lilly let his star shine. Lilly pitched seven full innings while giving up three hits and one earned run He struck out 10 Diamondbacks and walked only two. Lilly has improved his ERA to 5.24.Kerry Wood also had a good weekend.The Cub closer earned his sixth save on Friday and his seventh on Sunday.