S&P rates GE Capital Sukuk certificates AA+

Standard & Poor's said that it assigned its AA+ issue-level rating on the $500 million sukuk (trust certificates) issued by GE Capital Sukuk Ltd.

GE Capital Sukuk used 90% of the sukuk proceeds to enter into a purchase agreement with various subsidiaries of General Electric Capital Corp. (AA+/stable/A-1+) for their beneficial interests in aircraft assets.

The issuer paid the remaining proceeds to Sukuk Aviation Leasing Inc., a fully owned subsidiary of General Electric.

General Electric guarantees all obligations of Sukuk Aviation. The guarantee is unconditional and in rank with General Electric's other senior unsecured obligations. This guarantee underpins S&P's equalization of the AA+ rating on the sukuk with its long-term counterparty credit rating General Electric.

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