Credit ratings agency Standard & Poor's took General Electric (GE) down a notch this morning, cutting its vaunted "AAA" debt rating amid concerns about losses at its financial unit.

The downgrade one step to "AA+" will make it more expensive for GE to borrow money. CEO Jeffrey Immelt said earlier this year that he believed the company was healthy enough to maintain its top credit rating and the hefty dividend that has made it a favorite with investors. But both the dividend and the "AAA" are now history.

The markets are responding positively to the news thus far, with GE's stock rising more than eight percent in mid-morning trading.