But the reaction in the fixed income world was a bit different. Moody's downgraded GE's debt to A1 from Aa3 on the move, with the credit rating agency complaining of "more aggressive financial policies." "The downgrade reflects our perception of a growing level of financial risk tolerance, in favor of equity holders and at the expense of creditors," a Moody's analyst said in a press release. Standard & Poor's, the other major credit rating agency, maintained an AA+ rating for GE's debt. The risk of GE defaulting on its debt is de minimis.