How are the mighty fallen in the midst of the deleveraging!
O Jeff, thou wast downgraded from thine high places. 2 Samuel 1:25
GE, Finance Arm Lose Coveted AAA Long-Term Rating From SP
General Electric Co. (GE) and its finance arm have lost their coveted AAA long-term credit rating from Standard Poor's Ratings Service, which said its view of GE Capital on a stand-alone basis had fallen.
GE had been one of only six non-financial companies with the AAA rating from the agency. The long-term rating of GE and GE Capital was cut one notch each to AA+. Analysts and observers have wondered for months about the company's ability to keep the top rating amid woes at GE Capital, which have driven the company's stock tumbling in recent months.
The stock, down 75% the past year and 48% in 2009 alone, was down 3 cents at $8.46 in recent trading, after rising as much as 4% in the opening minutes of Thursday's session.
