Standard&Poor's Ratings Services' rating on General Electric Capital Corp. (GECC) reflects ownership by GE through intermediate holding company General Electric Capital Services Inc. (GECS; --/--/A-1+); GECC's strong, well-managed business franchise; its large scale and resources; management's successful track record in earning solid returns in favorable times and avoiding catastrophic missteps in distressed times; and ongoing efforts to bolster liquidity and reduce funding risks. However, elevated credit costs in the still-challenging global economic environment continue to pressure earnings. Also, although GECC has made significant strides in diversifying its funding profile, the company still relies on wholesale funding sources. Excluding potential additional support from GE, we believe GECC's stand-alone credit profile is weaker than GE's. Still, GE has demonstrated its
