General Electric Co.'s long-term credit rating was downgraded at S&P Global Ratings by two notches to BBB+ from A, in the wake of the industrial conglomerate's announcement that it has replaced its CEO, that weakness at GE Power will cause the company to miss cash flow and earnings guidance and that nearly all of Power's $23 billion in goodwill will be written off. GE's short-term rating was cut to A-2 from A-1, while its outlook was revised from negative to stable. The long-term BBB+ rating is now just three notches above speculative, or "junk" status. "The latest news on power performance has led us revise down our view of
GE's aggregate competitive positioning, with solid performance in
aviation and health care further overshadowed by weakness in the power
segment," S&P said. While S&P believes new Chief Executive Lawrence Culp is committed to deleveraging, it could take longer than previously expected. Earlier, fellow credit rating agency Moody's Investors Service said it was reviewing GE for a possible downgrade, of maybe more than one notch. The stock rose 1.6% in afternoon trade, after running up 7.1% the previous session. GE's stock has tumbled 50% over the past 12 months, while the Dow Jones Industrial Average has ganied 19%.
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