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S&P: GenCorp view now positive
Standard & Poor's said it revised its outlook on GenCorp Inc. to positive from developing and affirmed the ratings, including our CCC+ corporate credit rating.
The ratings on GenCorp reflect its constrained liquidity; highly leveraged financial profile due to high debt and weak profitability; limited diversity; and modest scale of operations compared with competitors, the agency said.
Good niche positions in aerospace propulsion, a solid funded backlog position, and significant real estate holdings that could be monetized partially offset these weaknesses, S&P noted.
"If GenCorp can maintain its current cash balance, it appears likely that the company will be able to pay off, if required, the $125 million in notes that can be put to the company in January 2010," said S&P credit analyst Lisa Jenkins in a news release.
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