General Electric?s financial unit may receive a debt rating from Moody?s Investors Services lower than the parent company?s for the first time in at least two decades because of higher risk.
The Aa2 grades of GE and General Electric Capital are both on review for possible downgrade and may ?no longer be equalized,? Moody?s said. GE, based in Fairfield, Conn., with operations in Fort Wayne, said a shift in Moody?s methodology, not the company?s creditworthiness, drove the move.
?It?s Moody?s deciding to change the rules of the game,? said Joel Levington, head of corporate credit at Brookfield Asset Management Inc. in New York. ?There?s not a lot as a company they can do about that.?
The Moody?s review is getting under way even as GE works to diversify funding at the finance unit by reducing borrowing in unsecured debt markets and seeking alternative sources of capital. Levington said he expects the review to have little or no effect on GE Capital?s debt prices.
Tags: Debt
Source: http://freedom-debtrelief.org/debt-debt-rating-cut-likely-at-ge-affiliate/
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