Ratings agency Standard & Poor’s says it is cutting Fairfield-based General Electric Co.’s top credit rating because of problems at the conglomerate’s lending arm.
S&P lowered GE’s rating from ‘AAA’ to ‘AA+’, a one notch reduction. The long-expected move means it will be more expensive for GE to raise money in the credit markets.
GE was one of just six companies that had the top rating from S&P.
At 11 a.m., GE traded at $ 9.35, up 86 cents, or 10.1 percent. (AP)
