On Nov. 15, 2013, General Electric Capital Corp. announced its plans to exit its North American retail finance business through a partial IPO in 2014 and subsequent split-off of the operation in 2015. We believe this transaction is neutral to General Electric Capital Corp.'s stand-alone credit profile and supports its designation as a core subsidiary of its ultimate parent, General Electric Co. We are affirming our ratings on General Electric Capital Corp., including our 'AA+/A-1+' issuer credit ratings. Our stable outlook reflects our expectations that General Electric Capital Corp. will continue to evolve into a smaller, more commercially focused lender while maintaining stable (albeit somewhat lower) risk-adjusted profitability, a strong capital buffer, stable liquidity, and effective enterprise risk management. TORONTO
