Standard&Poor's Ratings Services' 'AA+' rating on General Electric Capital Corp. (GECC) reflects ownership by GE (AA+/Stable/A-1+) through intermediate holding company General Electric Capital Services Inc. (GECS; --/--/A-1+); GECC's strong, well-managed business franchise; its large scale and resources; its relatively good credit quality; and management's ongoing efforts to bolster liquidity and reduce funding risks. However, we are concerned about accelerating pressure on earnings from rising credit losses in the current tough economic environment, and GECC's continuing high reliance on wholesale funding sources. Excluding the potential for additional support from GE, we have always viewed GECC's hypothetical stand-alone credit profile as being weaker than 'AAA'; our current assessment is 'A', in contrast to the 'A+' we had indicated previously. GE
