Standard&Poor's Ratings Services' rating on General Electric Capital Corp. (GECC) reflects ownership by GE; GECC's strong, well-managed business franchise; its global scale and resources; management's successful track record in earning solid returns in favorable times and avoiding catastrophic missteps in distressed times; and continuing efforts to bolster liquidity and reduce funding risks. Strengthening asset quality coupled with divestment or run-off of underperforming assets is restoring profitability toward the levels observed before the credit crisis and associated downturn. Also, although GECC has made significant strides in diversifying its funding profile, the company remains largely reliant on wholesale funding sources. Excluding potential support from GE, we assess GECC's stand-alone credit profile as 'a', which is weaker than GE's credit profile.
