S&P rates GE Capital International Funding bonds AA+

Standard & Poor’s said it assigned its AA+ rating on GE Capital International Funding Co.’s senior unsecured debt issuance.

The rating is based on a guarantee by General Electric Co. (GE; AA+/stable/A-1+). The bonds are also guaranteed by General Electric Capital Corp. (GECC; AA+/stable/A-1+), currently the ultimate parent of GE Capital International Funding Co.

S&P said GECC is offering to exchange up to $30 billion of outstanding GECC bonds into new bonds issued by GE Capital International Funding Co.

Upon the merger of GECC into GE – which S&P expects will occur in the fourth quarter of 2015 – GE Capital International Funding Co. will become a subsidiary of GE Capital International Holdings Ltd., the holding company for the finance company’s overseas operations. At that time, GE Capital International Holdings Ltd. will replace GECC as a co-guarantor of the bonds.

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