Dell Financial Services, a joint-owned venture of Dell and The CIT Group Inc., has taken the reins as master servicer in CIT's recently priced CITEC 2004-DFS equipment-backed offering, a first for the financing arm of the computer giant.

"On prior transactions, CIT was named the official servicer," said Moody's Investors Service analyst Anna Nechitailo. "On this deal, CIT is named as subservicer and has a cash management responsibility.

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