Fitch ups GenCorp outlook to stable, rates loan BB-, notes B-

Fitch Ratings said it revised the outlook on GenCorp Inc. to stable from negative. Fitch has also assigned a BB- rating to GenCorp's proposed senior secured bank facility and a B- rating to a convertible subordinated notes offering due 2024.

Fitch also affirmed GenCorp's B+ senior subordinated notes and B- convertible subordinated notes due 2007 and contingent convertible subordinated notes due 2024.

Fitch said the outlook revision is based on the company's progress in its transformation plan and its pending recapitalization.

The ratings reflect continued solid performance at Aerojet, the company's sizable real estate portfolio, the overall defense spending environment, current and expected liquidity position, the tax shield generated from the GDX transaction and fully funded pension plans, according to Fitch.

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