Fitch affirms GE Capital Services India

Fitch Ratings said it affirmed GE Capital Services India's national long-term rating and the national rating on its Rs. 60 billion secured non-convertible debenture program at AAA(ind) and the national rating on its Rs. 75 billion short-term debt program at F1+(ind). The agency also said it assigned it a national short-term rating of F1+(ind).

The outlook remains negative.

The negative outlook reflects the company's continued under-performance compared to its non-banking finance company peers, Fitch said.

The ratings are driven by a strong expectation of clearer creditor support from its parent, GE Capital Corp., and a business revival plan, the agency said.

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