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

Wed Dec 5, 2012 4:26pm EST

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+

Complete ratings information is available to subscribers of RatingsDirect on 
the Global Credit Portal at www.globalcreditportal.com. All ratings affected 
by this rating action can be found on Standard & Poor's public Web site at 
www.standardandpoors.com. Use the Ratings search box located in the left 
column.
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