TRIS Rating Co., Ltd. has affirmed the “‘AAA’” rating with “stable” outlook for the senior guaranteed debentures under medium-term notes (MTNs) program of GE Capital Auto Lease PLCCo., Ltd. (GECAL)., which includes GECAL’s GECL077A Bt6,000 million and GECL087A Bt400 million guaranteed debentures due 2007 and 2008, respectively. The MTN program is guaranteed by GECAL’s parent company, General Electric Capital Corporation (GECC), a company rated “‘AAA’” and “Aaa”‘’ by Standard and Poor’s (S&P) and Moody’s Investors Service (Moody’s), respectively. The ratings reflect the unconditional and irrevocable guarantee of the parent company. GECC is wholly- owned by General Electric Capital Services, Inc. (GECS), which is a wholly-owned subsidiary of General Electric Company (GE Company), which is also rated “AAA” and “Aaa” with “stable” outlook by S&P and Moody’s, respectively. GE and its subsidiaries and affiliates are collectively referred to herein as the GE Group.
TRIS Rating said, GE’s rating is based on the strength of its stable income, which comes from a diverse range of products and services that it markets to a broad range of consumers and organizations around the world. The diverse sources of revenue provides a platform for steady earning growth for the GE Group, in which GECC plays a major role as financial unit, despite the cyclical nature of the individual businesses. It should be noted that the guarantee, governed by the laws of the State of New York, the United States, . is unconditional ,and irrevocable, and provides for punctual payment with waiving notice of acceptance by the guarantor. The guarantee agreement ensures that the credit risk of this instrument is the same as the credit risk of the senior unsecured debt of the guarantor, GECC. The guarantee cannot be amended or terminated without the consent of the debentureholders’ representative. In case of a merger or consolidation of GECC, the successor of GECC shall assume this guaranteed obligation, however, the enforceability of the guarantee may be limited by bankruptcy, insolvency or liquidation of the guarantor. Furthermore, while this guarantee is governed by the laws of the State of New York State in the United States, the guarantee may be enforced in a court in Thailand. However, a Thai court can only take action with respect to the assets of GECC within its jurisdiction.
TRIS Rating said that the “stable” outlook reflects the unconditional and irrevocable guaranteed by GECAL’s parent, GECC, which is rated at “AAA” and “Aaa” by Standard & Poor’s and Moody’s, respectively. The outlook also takes into consideration the expectation that GECC will be able to sustain its growth without compromising either its highly flexible and dynamic organization or its prudent risk management system, which has been in place for many years.TRIS Rating said that the “stable” outlook of GECAL’s debentures reflects the unconditional and irrevocable guarantee by GECAL’s parent, GECC, which is rated “AAA” by S&P and “Aaa” by Moody’s. The outlook also reflects the expectation that GECC will be able to sustain its growth, which is supported by its highly flexible and dynamic organization, its strong business franchise and its prudent risk management system. -- End
GE Capital Auto Lease PLC (GECAL)
Issue Rating:
GECL087A: Bt400 million senior guaranteed debentures Affirmed at AAA
under medium-term note program due 2008
Rating Outlook: Stable
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Copyright 2007, TRIS Rating Co., Ltd. All rights reserved. Any unauthorized use, disclosure, copying, republication, further transmission, dissemination, redistribution or storing for subsequent use for any purpose, in whole or in part, in any form or manner or by any means whatsoever, by any person, of the credit rating reports or information is prohibited. The credit rating is not a statement of fact or a recommendation to buy, sell or hold any debt instruments. It is an expression of opinion regarding credit risks for that instrument or particular company. The opinion expressed in the credit rating does not represent investment or other advice and should therefore not be construed as such. Any rating and information contained in any report written or published by TRIS Rating has been prepared without taking into account any recipient’s particular financial needs, circumstances, knowledge and objectives. Therefore, a recipient should assess the appropriateness of such information before making an investment decision based on this information. Information used for the rating has been obtained by TRIS Rating from the company and other sources believed to be reliable. Therefore, TRIS Rating does not guarantee the accuracy, adequacy, or completeness of any such information and will accept no liability for any loss or damage arising from any inaccuracy, inadequacy or incompleteness. Also, TRIS Rating is not responsible for any errors or omissions, the result obtained from, or any actions taken in reliance upon such information.
TRIS Rating said, GE’s rating is based on the strength of its stable income, which comes from a diverse range of products and services that it markets to a broad range of consumers and organizations around the world. The diverse sources of revenue provides a platform for steady earning growth for the GE Group, in which GECC plays a major role as financial unit, despite the cyclical nature of the individual businesses. It should be noted that the guarantee, governed by the laws of the State of New York, the United States, . is unconditional ,and irrevocable, and provides for punctual payment with waiving notice of acceptance by the guarantor. The guarantee agreement ensures that the credit risk of this instrument is the same as the credit risk of the senior unsecured debt of the guarantor, GECC. The guarantee cannot be amended or terminated without the consent of the debentureholders’ representative. In case of a merger or consolidation of GECC, the successor of GECC shall assume this guaranteed obligation, however, the enforceability of the guarantee may be limited by bankruptcy, insolvency or liquidation of the guarantor. Furthermore, while this guarantee is governed by the laws of the State of New York State in the United States, the guarantee may be enforced in a court in Thailand. However, a Thai court can only take action with respect to the assets of GECC within its jurisdiction.
TRIS Rating said that the “stable” outlook reflects the unconditional and irrevocable guaranteed by GECAL’s parent, GECC, which is rated at “AAA” and “Aaa” by Standard & Poor’s and Moody’s, respectively. The outlook also takes into consideration the expectation that GECC will be able to sustain its growth without compromising either its highly flexible and dynamic organization or its prudent risk management system, which has been in place for many years.TRIS Rating said that the “stable” outlook of GECAL’s debentures reflects the unconditional and irrevocable guarantee by GECAL’s parent, GECC, which is rated “AAA” by S&P and “Aaa” by Moody’s. The outlook also reflects the expectation that GECC will be able to sustain its growth, which is supported by its highly flexible and dynamic organization, its strong business franchise and its prudent risk management system. -- End
GE Capital Auto Lease PLC (GECAL)
Issue Rating:
GECL087A: Bt400 million senior guaranteed debentures Affirmed at AAA
under medium-term note program due 2008
Rating Outlook: Stable
----------------------------------------------------------
Copyright 2007, TRIS Rating Co., Ltd. All rights reserved. Any unauthorized use, disclosure, copying, republication, further transmission, dissemination, redistribution or storing for subsequent use for any purpose, in whole or in part, in any form or manner or by any means whatsoever, by any person, of the credit rating reports or information is prohibited. The credit rating is not a statement of fact or a recommendation to buy, sell or hold any debt instruments. It is an expression of opinion regarding credit risks for that instrument or particular company. The opinion expressed in the credit rating does not represent investment or other advice and should therefore not be construed as such. Any rating and information contained in any report written or published by TRIS Rating has been prepared without taking into account any recipient’s particular financial needs, circumstances, knowledge and objectives. Therefore, a recipient should assess the appropriateness of such information before making an investment decision based on this information. Information used for the rating has been obtained by TRIS Rating from the company and other sources believed to be reliable. Therefore, TRIS Rating does not guarantee the accuracy, adequacy, or completeness of any such information and will accept no liability for any loss or damage arising from any inaccuracy, inadequacy or incompleteness. Also, TRIS Rating is not responsible for any errors or omissions, the result obtained from, or any actions taken in reliance upon such information.