NEW YORK (TheStreet) -- General Electric (GE) - Get Report CEO Jeffrey Immelt publicized a letter to shareholders earlier today in which he highlights the company's shift away from its finance business. 

Immelt's letter is "worth reading just in terms of the transformation of GE from a finance company back into an industrial that's doing quite well," TheStreet's Jim Cramer notes in the above video. 

Last year, the company unloaded about $100 billion in finance assets and completed the purchase of France-based Alstom's energy business. GE is now creating a $15 billion software and digital business inside of the larger company. 

"Our digital industrial capabilities will expand our growth rate, improve our margins and bring us closer to our customers," Immelt said in the shareholder letter.

Even though GE concedes that its oil and gas portfolio might be weak this year, the company emphasizes that this weakness will be balanced by strength in other divisions, Cramer pointed out on CNBC's "Squawk on the Street" this morning. 

"I felt very good about the company after I read this," Cramer said.

He added that GE's move to Boston has been "understated in terms of importance," and that he felt positively about the fact that Immelt is reflecting on how GE needed to be transformed "to stay alive."

Additionally, GE revealed in an annual filing that it has reduced its retiree health plan obligations by $3.8 billion, or by 58%, Real Money's James Passeri wrote today in an article.

"This represents material savings given the company's consolidated earnings decrease of $7.9 billion, or 83%, over the period," he explains.

GE's principal postretirement benefit obligations declined by $3.3 billion, which helped reduce the company's spending for retiree principal benefit plans by 78% year-over-year to $174 billion, Passeri continues. 

Shares of the company are up 0.27% to $29.48 in early-afternoon trading on Monday. 

(GE is held in Dividend Stock Advisor. See all holdings here.)

Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B.

GE's strengths such as its increase in net income and solid stock price performance outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.

You can view the full analysis from the report here: GE

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author. 

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