COVID-19 has caused a free fall in commercial air travel. Chatter suggests it could hurt demand for aircraft leasing.

GE's Q1 10-Q indicated the fall in air travel was having an out-sized impact on GECAS, its aircraft leasing business.

If COVID-19 triggers a write-off of GECAS's $37 billion in assets then it could hurt GECC's capital adequacy.

I estimate it's highly-indebted and likely has capital adequacy issues at its industrial arm.

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