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Moody's rates new GenCorp converts B3
Moody's Investors Service said it assigned a B3 rating to GenCorp Inc.'s proposed $100 million convertible subordinated notes due 2024. All other ratings of the company were confirmed, including the $303 million senior secured credit facilities at Ba2, the $150 million senior subordinated notes due 2011 at B2, and the $150 million 5.75% convertible subordinated notes due 2007 at B3.
The outlook has been changed to negative from stable.
Moody's said the ratings continue to reflect GenCorp's weak financial metrics despite some recent improvement in operating performance of certain business units as well as marginally increased leverage resulting from the proposed notes offering.
The ratings also recognize the benefits from expected contributions from the recent acquisition of ARC Propulsion, lead market position in the Aerojet segment, and support from substantial real estate holdings.
The negative outlook reflects Moody's expectations that operating results will continue to deteriorate in the company's GDX automotive segment.
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