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S&P puts General Electric on negative watch
S&P said it placed all of the ratings on General Electric Co., including the AA- long-term corporate credit rating, on CreditWatch with negative implications.
The agency also said it placed all of the ratings on Baker Hughes A GE Co. and Baker Hughes, A GE Co. LLC on CreditWatch with negative implications.
The ratings reflect a conclusion that the companies are highly strategic entities in General Electric's group, S&P said.
Therefore, the agency said it rates the companies one notch lower than the current corporate credit rating on General Electric and the outlook reflects the outlook on General Electric.
S&P also said it placed all of the ratings on the other company-related organizations on CreditWatch negative.
The CreditWatch negative placement follows the significant announcements that General Electric made in conjunction with the release of its third-quarter earnings and reflects an expectation that the company will provide further details at its November investor meeting, the agency said.
Specifically, General Electric's cash generation will be considerably weaker than previously anticipated, at least for 2017, SP& said.
The company has been undertaking a major strategic transition over the last several years and recent changes to its management and board of directors demonstrate that this process will both evolve and continue at a fast pace, the agency said.
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