Fitch Ratings downgrades General Electric (NYSE:GE) once again. In addition it downgraded its GE Capital finance arm to A+ from AA- and their short-term issuer default ratings to F1 from F1+, with a negative outlook. Ouch. Why?:

Fitch cites:

“the deterioration in the company’s operating and financial performance including a slower return to higher margins and stronger free cash flow than previously anticipated by Fitch. GE’s performance is being affected by secular changes in the Power segment’s gas turbine business that has reduced long term prospects for growth.”

Earlier this month, Moody’s downgraded GE to A2 from A1 due to “severe deterioration” in the financial performance of the company’s power segment expected to last through at least 2019.

GE stock had only recently started to rebound after the new strategic plan was unveiled.

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