NEW YORK (Standard&Poor's) Sept. 5, 2006--Standard&Poor's Ratings Services said today that it assigned its 'AA+' rating to the subordinated debentures due 2066 proposed by General Electric Capital Corp. (GECC; AAA/Stable/A-1+). "We consider the subordinated debentures to have 'intermediate-to-strong' equity content under our equity credit framework, and the issue will be included in our calculation of GECC's capitalization measures up to 25% of adjusted total equity," said Standard&Poor's credit analyst Scott Sprinzen. The differential between the rating on the issue and the counterparty credit rating reflects the subordination of the issue and the heightened payment risk compared to GECC's existing senior and subordinated debt, owing to the optional deferability of distributions. The equity content of
