GE says gets FDIC backing for $139 billion in debt

BOSTON (Reuters) - General Electric Co (GE.N) has secured the temporary backing of the Federal Deposit Insurance Corp for up to $139 billion of the debt of its finance arm, a spokesman said on Wednesday.

"We are eligible now and included in the FDIC temporary liquidity guarantee program," said Russell Wilkerson, a spokesman for the U.S. conglomerate.

"This allows us to source our debt competitively with other financial institutions that are eligible. It certainly helps put us on a level playing field with other issuers," he said, adding, "It's beneficial to us in the market and it's part of a very clear plan and a number of decisive steps here to strengthen our liquidity plan through this volatile time."

GE shares were down $1.71, or 9.6 percent, at $16.10 on the New York Stock Exchange. Earlier they fell to $16.05, their lowest point in more than 11 years.

(Reporting by Scott Malone; Editing by Brian Moss)