Interlayer-exchange-coupled (IEC) type spin-valve giant magnetoresistive (SVGMR) films in which the pinning layer does not contain an anti-ferromagnetic layer have been investigated. The IEC-type SVGMR films had good SV properties with a 10% MR ratio as deposited. However, the MR ratio decreased with increasing annealing temperatures over 310°C. From cross sectional TEM observation, interfacial roughness between the free and pinned layers was increased by annealing, and such roughness causes the degradation of SVGMR properties. Thermal stability of SVGMR films was improved when the thickness of Ta capping layer was 5 nm. In order to reduce the thickness of capping layer, various materials of Ru, Cu, and NiFeCr were investigated instead of Ta. No degradation in SV properties after 320°C annealing was achieved with the 2 nm of Ru capping layer.