OREANDA-NEWS. Fitch Ratings has affirmed Mubadala GE Capital Ltd's (MGEC) Long-term Issuer Default Rating (IDR) at 'A' with Stable Outlook and its Short-term IDR at 'F1'. The agency has simultaneously withdrawn all of MGEC's ratings, including programme and debt ratings. A full list of rating actions is available at the end of this rating action commentary.

The rating actions follow a reorganisation of the company, involving the sale of a majority of its assets and the repayment of its rated debt. As a result, MGEC's ratings are no longer considered to be relevant to Fitch's analytical coverage. Fitch will no longer provide ratings or analytical coverage of the company.

KEY RATING DRIVERS
IDRs AND SENIOR DEBT
On 30 September 2015 MGEC announced the expected sale of a majority of its assets to MidCap Finco Ltd. As a result, on 17 December 2015 MGEC completed the early repayment of its USD500m 3% senior unsecured notes, leaving it with no further outstanding rated debt and we do not expect any material future commercial activity or debt issuance. Fitch has therefore chosen to withdraw its ratings.

The affirmation of the ratings prior to their withdrawal reflects Fitch's view of both a strong ability and propensity on the part of MGEC's 50:50 co-owners, Mubadala Development Company PJSC (AA/Stable) and GE Capital Corporation to support MGEC during the wind-down of its operations (see 'Fitch Affirms Mubadala GE Capital at 'A'; Outlook Stable', published 6 October 2015 and available on www.fitchratings.com for further details).

RATING SENSITIVITIES
IDRS AND SENIOR DEBT
Not applicable

The rating actions are as follows:

Mubadala GE Capital Ltd
Long-term IDR: affirmed at 'A' with Stable Outlook; withdrawn
Short-term IDR: affirmed at 'F1'; withdrawn.
Global medium-term notes programme and senior unsecured long-term debt rating of 'A'; withdrawn.