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Business Briefing / Conglomerates

Moody's lowers GE's credit rating

March 24, 2009|TIMES WIRE REPORTS

General Electric Co. lost its top credit rating from Moody's Investors Service because of higher risks at the conglomerate's struggling GE Capital lending unit.

The expected move follows a similar downgrade of GE this month by ratings agency Standard & Poor's.

Moody's lowered its ratings for GE and GE Capital two notches to Aa2 from Aaa. It said the outlook for both was stable. The downgrades mean GE probably will pay higher costs to borrow money.

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