TEXT-S&P rates GE Capital Corp. notes 'AA+'

Dec 5 - Standard & Poor's Ratings Services said today that it assigned its
'AA+' rating to General Electric Capital Corp.'s (GECC; AA+/Stable/A-1+)
proposed senior secured debt offering of up to $1.7 billion. The notes are
secured by a first-priority interest in a pool of up to 137 aircraft along with
related receivables.

We understand the company will use the proceeds for general corporate
purposes. The issue rating reflects our criteria, under which we do not rate
secured debt higher than the corporate credit rating in the 'AA' category.

Standard & Poor's 'AA+' rating on GECC reflects our assessment of the
company's ownership by General Electric Co. (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.
Third-quarter results for both GECC and GE reflected strengthening
profitability, and were consistent with our expectations.

RELATED CRITERIA AND RESEARCH
-- Rating Finance Companies, March 18, 2004
-- General Electric Capital Corp., July 10, 2012

RATINGS LIST
General Electric Capital Corp.
Corporate credit rating AA+/Stable/A-1+

Rating Assigned
General Electric Capital Corp.
Senior secured debt AA+

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