NEW YORK (Standard&Poor's) Jan. 20, 2012--Standard&Poor's Ratings Services today said its ratings on General Electric Capital Corp. (GECC; AA+/Stable/A-1+) are not affected by the company's fourth-quarter results, which met our expectations. The ratings are also unaffected by GECC's announcement that it plans to merge with its direct parent, General Electric Capital Services (GECS), during the first quarter of 2012. GECS' operations generally comprise run-off insurance businesses, predominantly long-term care policies, structured settlement annuities, and life/long-term care reinsurance. In our view, these insurance liabilities have long-tailed risks, with minimal market sensitivity. GECS' approximately $30 billion in assets largely consist of long-term corporate bonds, which support these insurance liabilities. Therefore, we don't expect the merger to have a
