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Announcement:

Moody's reviews GE,GECC ratings on revised finance co methodology

Global Credit Research - 19 Mar 2012

New York, March 19, 2012 -- Moody's Investors Service placed the Aa2 senior unsecured ratings of General Electric Company (GE) and General Electric Capital Corporation (GECC) under review for possible downgrade. The Prime-1 short-term ratings for both companies were affirmed. The review is based on Moody's view that finance companies have higher risks than previously considered, implying a wider gap between the risk profiles of GECC and GE's industrial businesses. This could result in Moody's determining that the GE and GECC ratings should no longer be equalized.

RATINGS RATIONALE

The review is based on Moody's view that the risk profile of market-funded financial institutions, including GECC, is higher than previously reflected in their ratings. With a large and recurring need for wholesale funding to support its operations, GECC is inherently vulnerable to fluctuations in investor confidence relating to the firm's creditworthiness and to funding conditions in the market generally. GECC has improved its liquidity and capital levels since the onset of the credit crisis. However, Moody's believes that these steps are unlikely to have fully neutralized the risks associated with the firm's funding model. The rating implications of these structural and enduring risks are explained in Moody's revised finance company rating methodology, which was released on March 19, 2012.

"We continue to view GECC as one of the strongest financial companies in the world; however, our views about the credit risks of firms in this sector that rely on confidence-sensitive funding have changed. We will review the company's ratings in the context of this updated sector view and will also consider GECC's own specific credit drivers," said Moody's senior analyst Mark Wasden.

"GE's industrial businesses continue to perform well and collectively possess many Aaa-like credit characteristics," noted Moody's senior vice president Russell Solomon, lead analyst for GE. "The industrial company's Aa2 rating already incorporates some drag on its creditworthiness due to its explicit and implicit commitment to provide financial support to GECC if needed," Solomon added.

Moody's will weigh GECC's characteristic strengths in portfolio diversification and franchise positioning against the challenges of its wholesale funding model, while also considering the firm's enhanced strategies for managing its liquidity and capital in light of these challenges. Moody's will also incorporate into its analysis factors that distinguish GECC's credit profile from other finance companies, such as its ownership by GE and regulation by the Federal Reserve. Finally, Moody's will consider GE's explicit support agreement with GECC, the level of financial support GE has provided in the past, and the degree of strategic importance of GECC to GE's industrial businesses going forward.

Moody's ratings for GE and GECC are currently aligned at the Aa2 level, notwithstanding the distinct, and now further diverging, credit profiles of these entities on a stand-alone basis. Their identical ratings suggest that the existing GE support agreement together with GE's implicit incentives to provide support to GECC are sufficiently strong to approximately equalize the risks of holding debt issued by either GE or GECC. The rating review, however, will investigate whether equalization of the two companies' ratings continues to be appropriate given Moody's view that the stand-alone credit profiles of GE and GECC are now further apart. The conclusion of the review, which is expected in coming weeks, could result in a split rating outcome -- that is, the rating of GECC could be lower than that of GE. In any case, GE's ratings would not be lowered by more than one ratings notch (i.e., to Aa3) and GECC's ratings would not be lowered by more than two rating notches (i.e., to A1).

Moody's affirmed the Aaa rating and negative outlook assigned to debt that GECC issued under the Federal Deposit Insurance Corporation's Temporary Liquidity Guarantee Program, reflecting the full faith and credit of the U.S. government backing the debt.

Headquartered in Fairfield, Connecticut, General Electric Company is a $100 billion annual industrial revenue generating global diversified conglomerate with heavy manufacturing industrial operations in five broad reporting segments: Energy Infrastructure, Aviation, Transportation, Healthcare and Home & Business Solutions. Based in Stamford, Connecticut, General Electric Capital Corporation generated $46 billion of revenue in 2011 as GE's wholly-owned finance subsidiary.

The principal methodology used in rating General Electric Company was Global Heavy Manufacturing Rating Methodology published in November 2009. Please see the Credit Policy page on www.moodys.com for a copy of this methodology .

The principal methodology used in rating General Electric Capital Corporation, General Electric Capital Canada Inc., General Electric Capital Services, Inc., GE Japan Funding K.K., GE Capital UK Funding, GE Capital Australia Funding Pty. Ltd.,GE Capital Canada Funding Company, GE Capital CFE, Inc., GE Capital European Funding, GE Capital Franchise Finance Corporation, GE Capital New Zealand Funding, GE Capital Sukuk Ltd, GE Capital Trust I, GE Capital Trust II, GE Capital Trust III, GE Capital Trust IV, GE Capital Trust V, Arden Realty Limited Partnership, Monogram Credit Card Bank of Georgia , Security Capital Group Incorporated, and SUSA Partnership, L.P., was the Finance Company Global Rating Methodology published March 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Moody's current ratings on General Electric Company and its affiliates are:

Long Term Issuer Rating of Aa2, on review for downgrade

Senior Unsecured domestic currency ratings of Aa2, on review for downgrade

Senior Unsecured Shelf domestic currency ratings of (P)Aa2, on review for downgrade

Subordinate Shelf domestic currency ratings of (P)Aa3, on review for downgrade

Commercial Paper ratings of P-1, affirmed

General Electric Capital Corporation

Long Term Issuer Rating of Aa2, on review for downgrade

Senior Unsecured domestic currency ratings of Aa2, on review for downgrade

Senior Unsecured foreign currency ratings of Aa2, on review for downgrade

Senior Unsecured MTN Program domestic currency ratings of (P)Aa2, on review for downgrade

Senior Subordinate domestic currency ratings of Aa3, on review for downgrade

Subordinate domestic currency ratings of Aa3, on review for downgrade

Subordinate foreign currency ratings of Aa3, on review for downgrade

Subordinate MTN Program domestic currency ratings of (P)Aa3, on review for downgrade

Preferred Stock domestic currency ratings of A1 (hyb), on review for downgrade

Senior Unsecured Shelf domestic currency ratings of (P)Aa2, on review for downgrade

Subordinate Shelf domestic currency ratings of (P)Aa3, on review for downgrade

Junior Subordinate Shelf domestic currency ratings of (P)Aa3, on review for downgrade

Preferred Shelf domestic currency ratings of (P)A1, on review for downgrade

Preferred Shelf -- PS2 domestic currency ratings of (P)A2, on review for downgrade

Commercial Paper ratings of P-1, affirmed

Other Short Term domestic currency ratings of (P)P-1, affirmed

BACKED Senior Unsecured domestic currency ratings of Aaa, affirmed

BACKED Senior Unsecured foreign currency ratings of Aaa, affirmed

BACKED Senior Unsecured Bank Credit Facility domestic currency ratings of Aa2, on review for downgrade

BACKED Subordinate domestic currency ratings of Aa2, on review for downgrade

General Electric Capital Canada Inc.

BACKED Senior Unsecured domestic currency ratings of Aa2, on review for downgrade

BACKED Senior Unsecured MTN Program foreign currency ratings of (P)Aa2, on review for downgrade

BACKED Other Short Term foreign currency ratings of (P)P-1, affirmed

General Electric Capital Services, Inc.(1)

BACKED Subordinate domestic currency ratings of Aa2, on review for downgrade

BACKED Commercial Paper domestic currency ratings of P-1, affirmed

(1) Debts issued by General Electric Capital Services, Inc. were assumed by General Electric Capital Corporation

GE Japan Funding K.K.

BACKED Senior Unsecured domestic currency ratings of Aa2, on review for downgrade

BACKED Commercial Paper domestic currency ratings of P-1, affirmed

GE Capital UK Funding

BACKED Senior Unsecured foreign currency ratings of Aa2, on review for downgrade

BACKED Senior Unsecured MTN Program foreign currency ratings of (P)Aa2, on review for downgrade

BACKED Subordinate MTN Program foreign currency ratings of (P)Aa3, on review for downgrade

BACKED Commercial Paper foreign currency ratings of P-1, affirmed

BACKED Other Short Term foreign currency ratings of (P)P-1, affirmed

GE Capital Australia Funding Pty. Ltd.

Senior Unsecured domestic currency ratings of Aa2, on review for downgrade

BACKED Senior Unsecured domestic currency ratings of Aa2, on review for downgrade

BACKED Senior Unsecured foreign currency ratings of Aa2, on review for downgrade

BACKED Senior Unsecured MTN Program domestic currency ratings of (P)Aa2, on review for downgrade

BACKED Senior Unsecured MTN Program foreign currency ratings of (P)Aa2, on review for downgrade

BACKED Subordinate MTN Program foreign currency ratings of (P)Aa3, on review for downgrade

BACKED Commercial Paper domestic currency ratings of P-1, affirmed

BACKED Other Short Term domestic currency ratings of (P)P-1, affirmed

BACKED Other Short Term foreign currency ratings of (P)P-1, affirmed

GE Capital Canada Funding Company

BACKED Senior Unsecured domestic currency ratings of Aa2, on review for downgrade

BACKED Senior Unsecured MTN Program domestic currency ratings of (P)Aa2, on review for downgrade

BACKED Senior Unsecured MTN Program foreign currency ratings of (P)Aa2, on review for downgrade

BACKED Subordinate MTN Program foreign currency ratings of (P)Aa3, on review for downgrade

BACKED Commercial Paper domestic currency ratings of P-1, affirmed

BACKED Other Short Term foreign currency ratings of (P)P-1, affirmed

GE Capital CFE, Inc.

BACKED Preferred Stock domestic currency ratings of A2 (hyb), on review for downgrade

GE Capital European Funding

BACKED Senior Unsecured domestic currency ratings of Aa2, on review for downgrade

BACKED Senior Unsecured foreign currency ratings of Aa2, on review for downgrade

BACKED Senior Unsecured MTN Program foreign currency ratings of (P)Aa2, on review for downgrade

BACKED Subordinate MTN Program foreign currency ratings of (P)Aa3, on review for downgrade

BACKED Commercial Paper domestic currency ratings of P-1, affirmed

BACKED Other Short Term foreign currency ratings of (P)P-1, affirmed

GE Capital Franchise Finance Corporation

Senior Unsecured MTN Program domestic currency ratings of (P)Aa2, on review for downgrade

Senior Unsecured Shelf domestic currency ratings of (P)Aa2, on review for downgrade

Senior Subordinate Shelf domestic currency ratings of (P)Aa3, on review for downgrade

Subordinate Shelf domestic currency ratings of (P)Aa3, on review for downgrade

Preferred Shelf domestic currency ratings of (P)A1, on review for downgrade

BACKED Senior Unsecured domestic currency ratings of Aa2, on review for downgrade

GE Capital New Zealand Funding

BACKED Commercial Paper domestic currency ratings of P-1, affirmed

GE Capital Sukuk Ltd

BACKED Senior Unsecured foreign currency ratings of Aa2, on review for downgrade

GE Capital Trust I

BACKED Junior Subordinate domestic currency ratings of Aa3 (hyb), on review for downgrade

GE Capital Trust II

BACKED Junior Subordinate foreign currency ratings of Aa3 (hyb), on review for downgrade

GE Capital Trust III

BACKED Junior Subordinate foreign currency ratings of Aa3 (hyb), on review for downgrade

GE Capital Trust IV

BACKED Junior Subordinate foreign currency ratings of Aa3 (hyb), on review for downgrade

GE Capital Trust V

BACKED Junior Subordinate foreign currency ratings of Aa3 (hyb), on review for downgrade

Arden Realty Limited Partnership

BACKED Senior Unsecured domestic currency ratings of Aa2, on review for downgrade

Monogram Credit Card Bank of Georgia

BACKED Long Term Bank Deposits domestic currency ratings of Aa2, on review for downgrade

BACKED Short Term Bank Deposits domestic currency ratings of P-1, affirmed

Security Capital Group Incorporated

BACKED Senior Unsecured domestic currency ratings of Aa2, on review for downgrade

SUSA Partnership, L.P.

BACKED Senior Unsecured domestic currency ratings of Aa2, on review for downgrade

REGULATORY DISCLOSURES

Although the following credit ratings have been issued in a non-EU country which has not been recognized as endorsable at this date, these credit ratings are deemed "EU qualified by extension" and may still be used by financial institutions for regulatory purposes until 30 April 2012. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare the ratings for General Electric Company are the following : parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service information, and confidential and proprietary Moody's Analytics information.

Information sources used to prepare the ratings for General Electric Capital Corporation, General Electric Capital Canada Inc., General Electric Capital Services, Inc., GE Japan Funding K.K., GE Capital UK Funding, GE Capital Australia Funding Pty. Ltd.,GE Capital Canada Funding Company, GE Capital CFE, Inc., GE Capital European Funding, GE Capital Franchise Finance Corporation, GE Capital New Zealand Funding, GE Capital Sukuk Ltd, GE Capital Trust I, GE Capital Trust II, GE Capital Trust III, GE Capital Trust IV, GE Capital Trust V, Arden Realty Limited Partnership, Monogram Credit Card Bank of Georgia , Security Capital Group Incorporated, and SUSA Partnership, L.P., are the following : parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.

Moody's adopts all necessary measures so that the information it uses in assigning the ratings is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

In addition to the information provided below please find on the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued each of the ratings.

The person who approved General Electric Company credit ratings is: Michael Mulvaney, Managing Director - Corporate Finance, JOURNALISTS: 212-553-0376, SUBSCRIBERS: 212-553-1653

Mark L. Wasden
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Robert Young
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's reviews GE,GECC ratings on revised finance co methodology
No Related Data.

 

© 2014 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

 


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