Fitch Downgrades GE to ‘A+/F1′; Outlook Negative

Fitch Ratings downgraded the long- and short-term issuer default ratings for General Electric and GE Capital Global Holdings to “A+” and ‘F1’ from ‘AA-‘and ‘F1+.’

General Electric to Cut Dividend 50%

General Electric’s board of directors has determined to set the company’s quarterly dividend to a projected payout of $.12 per outstanding share, representing a 50% reduction from the current quarterly dividend.

WSJ: New GE Chief Cutting Perks, Corporate Staff

The Wall Street Journal reported GE’s new CEO John Flannery has already begun cutting the corporate perks initiated by his predecessor, Jeff Immelt. corporate staff cuts are pending.

Miller Replaces Bornstein as GE CFO; Rice, Comstock to Retire

Jamie Miller, CEO of GE Transportation, has been named the company’s chief financial officer, replacing Jeffrey S. Bornstein who will leave the company at the end of this year. GE Vice Chairs John Rice and Beth Comstock will also retire effective December 31, 2017.

GE Sells Industrial Solutions Business to ABB

Switzerland’s ABB has acquired GE Industrial Solutions for $2.6 billion. GE’s global electrification solutions is headquartered in Atlanta and has about 13,500 employees around the world.

Ares Capital Purchases SSLP Loans, Concludes GE Joint Venture

Ares Capital purchased the remaining loans of the Senior Secured Loan Fund, effectively concluding the joint venture with GE.

Flannery to Replace Immelt as Chairman and CEO of GE

President and CEO of GE Healthcare John Flannery was named Chairman and CEO of GE, replacing retiring Jeff Immelt. Flannery has experience leading elements of GE Capital and GE Equity.

CWB Franchise Finance Provides Term Loan, Credit Line to Donnelly

CWB Franchise Finance, previously GE Capital Canada’s franchise finance arm, provided a $12 million term loan and development line of credit to Donnelly Group, owners of 14 pubs and cocktail bars in Vancouver and Toronto.

WhiteHorse Capital Adds Two to Direct Lending Team

WhiteHorse Capital hired former GE Chief Credit Officer for Telecom, Media and Technology Kimberly Massa as managing director and Peter McLaughlin as principal.

GE Sells Stake in Hyundai Card to Hyundai Commercial, Others for $1.3B

GE signed an agreement to sell its 43% stake in Hyundai Card (HCC) to Hyundai Commercial, Affinity Equity Partners, GIC and AlpInvest for an aggregate ending net investment (ENI) of approximately $1.3 billion.