General Electric stock has fallen to single digits and its investment grade bonds trade like high-yield debt, as the market bets it will continue to deteriorate and could end up with a junk rating.

GE was a negative factor in the sell off in both the investment grade and high yield bond markets this week, but strategists say it has its own issues and is not a signal of broader trouble in the corporate debt market.

GE's new CEO said he will move quickly to raise cash and make asset sales.

"When the market begins to price you to junk status, you have a very limited time to clear that up before you become junk," said one strategist.