On Nov. 18, 2003, Standard&Poor's Ratings Services affirmed its 'AAA' corporate credit rating on General Electric Co. (GE), and on General Electric Capital Corp. (GECC), following GE's announcement of its plan to conduct an initial public offering of a newly formed company, Genworth Financial, which will consist of most of GE's life and mortgage insurance operations (see today's related Standard&Poor's press releases, "General Electric Mortgage Insurance Corp. and Affiliates 'AA' Ratings Affirmed; Outlook Stable" and "GE Financial Assurance Holdings Inc. and Related Long-Term Ratings Placed on CreditWatch Neg"). At the same time, the short-term 'A-1+' corporate credit ratings on Fairfield, Conn.-based GE, General Electric Capital Services Inc. (GECS), and GECC were affirmed. The outlook is stable.
