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Bond Market News
General Electric Upgraded to A- by S&P
March 26, 2025
General Electric (GE) was upgraded by a notch to A- from BBB+ by S&P. The upgrade reflects stronger-than-expected demand for GE’s equipment and services, driven by a rebound in air travel, persistent aircraft backlogs, and a large installed base of engines. GE’s commercial aviation segment grew 13% in 2024, with engine deliveries expected to rise by at least 15% in 2025. According to S&P, the company benefits from a high-margin aftermarket business, particularly with its CFM56 and LEAP engines, which provide recurring revenue. GE’s financial position has improved after spinning off its healthcare and power businesses, reducing debt, and strengthening cash flows. S&P expects steady revenue growth, margin improvements, and disciplined capital allocation for the company.
Its dollar bonds were marginally up with its 4.35% 2027s at 98.9, yielding 4.85%.
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