Moody's: GenCorp outlook positive

Moody's Investors Service said it changed the outlook of GenCorp, Inc. to positive from negative and affirmed its B3 corporate family rating, Caa1 probability-of-default rating, Ba3 (LGD1, 5%) rating for senior secured credit facilities, B1 (LGD2, 18%) rating for senior subordinated notes and Caa2 (LGD4, 60%) rating for convertible subordinated notes.

The change in outlook is driven by GenCorp's improved free cash generation and stronger liquidity position, which, the agency said, should enable the company to address the potential put on Jan. 16, 2010 of its $125 million 4% convertible subordinated notes.

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