NEW YORK (Standard&Poor's) March 25, 2005—Standard&Poor's Ratings Services said today that General Electric Capital Corp.'s (GECC; AAA/Stable/A-1+) pricing of its second public offering of Genworth Financial Inc. (A/Stable/A-1), its life and mortgage insurance affiliate, will not affect the ratings on GECC. The transaction, which is expected to raise approximately $2.1 billion, reduces GECC's ownership in Genworth to 52% of Genworth's common stock. Additionally, Genworth will repurchase $500 million of its common stock from GECC. Proceeds of $2.6 billion will be raised from the two transactions, and will be used to increase GECC's capital base, thereby reducing the implied capital support from its ultimate parent, General Electric Co. (GE; AAA/Stable/A-1+). Notwithstanding this reduction, we continue to view
