General Electric Co. has long prized its AAA credit rating. Today, Standard & Poor’s warned that GE might not hang on to that top grade.
That slammed the stock and helped pull the broader market lower, and dealt another blow to the image of GE Chief Executive Jeffrey Immelt.
S&P today revised its credit outlook on GE and the company's financial services arm, GE Capital, to "negative" from "stable." That means the ratings firm believes "there is at least a 1-in-3 possibility of a downgrade within the next two years," it said.
