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15 Nov 2009
New York, November 15, 2009 -- Moody's Investors Service has today assigned a provisional (P)Aa2 rating
to General Electric Capital Corporation's (GECC) sukuk Trust Certificates
(Certificates), issued by GE Capital Sukuk Ltd, a Bermuda-based
special purpose entity (Trustee). At closing, pending a review
of final documentation, Moody's anticipates assigning an Aa2
rating with a stable rating outlook to the Certificates.
The (P)Aa2 rating assigned to the certificates is based on GECC's
Aa2 senior unsecured rating and stable outlook. GECC provides a
guarantee in full support of the purchase and performance obligations
of Sukuk Aviation Leasing Inc. (SAL), the servicing agent
and obligor under certain transaction agreements.
Under the transaction structure, the Trustee will use proceeds from
issuance of the Certificates to acquire aircraft assets, including
interests in aircraft and associated aircraft leases, from SAL.
The Trustee will hold these assets as an undivided beneficial interest
on behalf of certificate holders. However, the transaction
documents do not confer to certificate holders any lien or security interest
over the assets, thus limiting certificate holders' control
over the assets in the event of a GECC default.
SAL, as servicing agent, will collect rental income from leasing
the aircraft to GECC customers (under "ijara" or lease contracts)
and provide periodic distribution amounts to certificate holders.
Unfunded and funded reserves administered by SAL provide a backup source
of funds to satisfy distribution requirements should rental income be
insufficient. At the scheduled termination date and under certain
other circumstances including aircraft shortfall and termination events,
SAL will procure the purchase of the aircraft assets from the Trustee
at an amount equal to the face value of the Certificates plus accrued
periodic distributions and, if required, make-whole
and other amounts. These purchase obligations are to effect the
repayment of principal to investors.
GECC guarantees SAL's obligations under the transaction agreements,
including the Purchase Undertaking, the Service Agency Agreement,
the Purchase Substitution Undertaking, and other associated agreements.
Moody's has reviewed legal opinions regarding the validity,
enforceability and ranking of GECC's guarantee obligations.
In Moody's opinion, GECC's guarantee ranks equally with
GECC's other senior unsecured obligations. Certificate holders
are therefore effectively exposed to GECC senior unsecured credit risk.
Moody's notes certificate holders have essentially no rights to
cause any sale or disposition of the aircraft assets held by the Trustee,
except as expressly provided under the Purchase Undertaking and Sale Undertaking
agreements with SAL.
Moody's does not express an opinion on the structure's compliance
with Shari'ah law, but noted that the transaction carries
shari'ah opinions of Sheikh Nizam Yaqubi, Dr. Mohammed Ali
Elgari and Dr. Abdul Sattar Abu Ghuddah. The Certificates,
and all underlying legal agreements except for GECC's guarantee,
are governed by English law. GECC's guarantee is governed
by New York law.
In its last rating action on March 23, 2009, Moody's downgraded
the senior unsecured ratings of GECC and its parent, GE, to
Aa2, and assigned a stable ratings outlook.
The principal methodology used in rating GECC is Analyzing the Credit
Risks of Finance Companies, which can be found at www.moodys.com
in the Rating Methodologies sub-directory under the Research &
Ratings tab. Other methodologies and factors that may have been
considered in the process of rating these issuers can also be found in
Rating Methodologies sub-directory.
General Electric Capital Corporation, based in Stamford, Connecticut,
operates businesses in the global commercial and consumer finance sectors.
It is wholly owned by General Electric Company, headquartered in
Fairfield, Connecticut, one of the largest diversified companies
in the world.
Mark L. Wasden
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service
Moody's assigns a (P)Aa2 rating to GECC's Sukuk transaction
Financial Institutions Group
Moody's Investors Service
No Related Data.
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