S&P assigns GE notes BBB+

S&P said it assigned its BBB+ issue-level rating to General Electric Co.’s proposed senior unsecured notes.

“We expect the company to issue the notes in four tranches with various maturity dates. The notes will rank equally with all of GE’s existing and future senior unsecured obligations. We expect this transaction to be largely neutral to GE’s credit metrics given the plan to use proceeds from this offering to fund a tender offer for GE’s existing notes with maturities ranging from 2020 to 2024,” said S&P in a press release.

Concurrent to the proposed notes, GE launched a tender for notes at GE and GE Capital. The tender at GE Capital will be funded with cash and not subject to financing.

“All of our ratings on GE, including our BBB+ issuer credit rating and A-2 short-term credit rating, are unchanged,” said the agency.

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