NEW YORK (Standard&Poor's) April 17, 2009—Standard&Poor's Ratings Services said today that General Electric Capital Corp.'s (GECC) first-quarter earnings were in line with what we expected when we lowered the rating (to 'AA+/Stable/A-1+' from 'AAA/Negative/A-1+') on March 12, 2009 (see "General Electric Co. And Units Long-Term Ratings Lowered To 'AA+'; Outlook Stable," published March 12, 2009, on RatingsDirect), and indicated that we view GECC's standalone credit profile as 'A'. Although GECC, together with General Electric Capital Services, an intermediate holding company, reported net income of $1.0 billion, it incurred a $153 million pretax loss, with the gap accounted for by tax credits. GECC's deteriorating credit performance had accelerated pressure on earnings. Thus, delinquencies, charge-offs, and nonperforming asset
