Cost of General Electric credit insurance rises along with coronavirus concerns [Reuters (UK)]
GE Aerospace (GE)
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Source: Reuters
Cost of General Electric credit insurance rises along with coronavirus concerns - Reuters 3 Min Read NEW YORK (Reuters) - The cost to insure General Electric Co ( GE.N ) debt has shot up to levels last seen in 2018, possibly reflecting concern about the company’s exposure to coronavirus-induced declines in interest rates, air travel and global growth. GE credit default swaps, a measure of confidence in a company’s capacity to repay debt, were priced at 200.7 basis points on Wednesday, up 119% from 91.67 a week ago, according to data from Markit. It was their highest level since December 2018, just after GE’s credit ratings were cut and investors worried its debt might become non-investment grade. A comparable credit default swap index of investment-grade companies is up about 60% over the same period. A GE spokeswoman on Wednesday pointed to Chief Executive Larry Culp’s remarks that coronavirus and last week’s U.S. interest rate cut had not altered GE’s 2020 debt-reduction goal. “Th
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