S&P affirms GenCorp

Standard & Poor's said it affirmed its ratings, including the B+ corporate credit rating, on GenCorp Inc.

At the same time, the agency said that the outlook was revised to negative from stable.

The agency noted that the outlook revision reflects increased concerns about the company's financial and strategic policy, following the resignation of the CEO and the addition of three directors representing an activist shareholder to the GenCorp board.

According to the agency, on March 5, 2007, GenCorp announced that it reached an agreement with affiliates of Steel Partners LLC, which owns 14% of the firm's shares, to end a proxy contest over director nominations.

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