One fifth of the company’s net income was coming from its unregulated bank. Grant went further and suggested that this new reliance on finance would become a potential weakness for GE. Since there was no AAAA rating in the bond market, the debt ratings of companies such as GE and GE Capital—both rated AAA by S&P and Moody’s—could go in only one direction, and that was down. He noted that GE was only one of twelve companies rated AAA and that the yield on its debt was virtually the same as that issued by the U.S. government—the
