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GE dealt another blow by Moody’s as shareholders line up to slam CEO Flannery

In the latest blow to beleaguered blue chip General Electric Co., Moody’s Investors Service on Wednesday revised its outlook on the company’s ratings to negative, meaning it could downgrade it in the medium term.

The move “reflects the added headwinds to restoring GE’s credit profile as a result of the $1.5 billion reserve that GE recorded in relation to the investigation by the Department of Justice of possible violations of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (”FIRREA”) by WMC, GE Capital’s discontinued mortgage business,” the rating agency said in a note.

Read now: Are you smart or foolish to buy GE stock right now?

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