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G.E.’s Debt Rating Is Cut by S.&P. - DealBook Blog - NYTimes.com
- General Electric lost its coveted triple-A credit rating from Standard and Poor’s on Thursday, as the credit-rating agency downgraded G.E’s long-term debt one notch, to AA+.
- S&P said the outlook for G.E. was stable, meaning that further downgrades to its debt rating are unlikely in the next six months to two years.
- The market seems to have been expecting an even bigger cut: G.E.’s stock was up nearly 9 percent Thursday morning.
- Late last month, amid growing concern that its debt rating might be lowered, G.E. cut its stock dividend for the first time since the Depression.
- The company said the decision to drop the quarterly payout to 10 cents a share from 31 cents would save it nearly $9 billion a year.
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