General Electric Co. (NYSE: GE) was finally downgraded by a debt ratings agency. Standard & Poor’s cut the ratings for GE. This has been telegraphed for nearly three months. What is interesting is that the company is trading up on the news which is not as bad as many might have been expecting.
The company’s long-term rating was cut to AA+ from AAA. Where this gets interesting is that the rating outlook is actually now STABLE. What that means in effect is that there are fewer reviews and a much lower chance that any more downgrades will be given in the immediate term.
General Electric Capital Corporation was also lowered To AA+ from AAA; but this does not affect the company’s ‘A-1+’ short-term funding ratings. Its outlook is Stable.
Despite the rating like this, GE is still apparently the highest rated of financial capital companies. Interestingly enough, the stock is UP 4% at $8.83 right before the open.
JON C. OGG
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