Moody's cuts General Electric notes to Aa3

Moody's Investors Service said it revised to Aa3 from A1 the rating assigned to General Electric Capital Corp.'s $300 million 7.5% subordinated notes maturing August 2035.

No other ratings are affected by this action. The outlook remains stable.

In the previous rating action on April 3, Moody's downgraded the subordinated notes to A1 from Aa2. However, based on the senior guarantee provided by parent General Electric Co., the agency said the notes should have been downgraded by just one notch to Aa3, equal to the parent's senior unsecured rating.

The latest rating action reflects this correction.

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