Moody's noted in its research update announcing the upgrade, "The B2 CFR and stable rating outlook reflect GenCorp's improved financial position and greater flexibility and the Company's recent track record of stronger cash flow generation."
Moody's announcement follows a similar action taken by Standard & Poor's Ratings Services (S&P). On January, 22, 2010, S&P raised its ratings of GenCorp Inc. to B- from CCC+ and removed all ratings from CreditWatch. S&P attached an outlook of "stable" to its credit rating of the Company.
S&P noted in its research update announcing the upgrade, "The rating actions follow the Company's repayment of $125 million of debt that was tendered to it, with proceeds from the $200 million in convertible subordinated debentures it issued in late December 2009."
"These upgrades validate continued progress in our longer-term strategy to address our capital structure and focus on cash flow," said Kathy Redd, chief financial officer, GenCorp Inc.
About GenCorp
GenCorp is a leading technology-based manufacturer of aerospace and defense products and systems with a real estate segment that includes activities related to the entitlement, sale and leasing of the Company's excess real estate assets. Additional information about the Company can be obtained by visiting the Company's web site at http://www.GenCorp.com.
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