S&P lowers General Electric

S&P said it lowered its long-term issuer credit ratings on General Electric Co. and GE Capital Global Holdings LLC to BBB+ from A. The outlook is stable.

At the same time, S&P lowered its short-term ratings on both companies to A-2 from A-1. S&P also lowered its issue-level ratings on GE's debt in conjunction with the downgrade of the company in accordance with S&P’s corporate notching methodology.

The agency removed the ratings from CreditWatch, where S&P placed them with negative implications on June 26.

“The downgrade reflects our assessment that GE's aggregate competitive position no longer supports a rating in the A category, absent leverage coming down far more than we currently assume,” S&P said in a news release.

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