CIT Group sees pick-up in US yields, European growth slower
CIT Group President of Transportation Finance, Jeffrey Knittel, stated (14-Jul-2010) the company is seeing traffic and yield pick-up and expects demand for additional aircraft capacity to return to the US market. Europe is "exhibiting slower growth as the lingering impact from the Icelandic volcanic ash cloud, sovereign debt issues and pressure on the euro continues to weigh on European economies”. Mr Knittel also noted that the slowdown and delivery deferrals has affected aerospace suppliers more than the actual turmoil in the financial markets over the past two years. [more]
CIT Group: “The supply chain has been impacted more by the slowdown and delivery deferrals in some significant aircraft platforms than it has by the turmoil in the financial markets. The turmoil itself has decreased economic activity, which has put pressure on those companies that are tied to the level of airline activity, such as repair shops and flight training schools,” C Jeffrey Knittel, President of Transportation Finance. Source: CIT Group, 14-Jul-2010.