Moody's: GenCorp view positive

Moody's Investors Service said it affirmed the B1 corporate family rating and the subordinated note ratings of GenCorp Inc.

The outlook was changed to positive from stable, reflecting the company's announced call of its $75 million of 9½% subordinated notes, to be funded through cash on hand.

Once completed, Moody's said the call will reduce the company's funded debt by about 25% and bring key credit metrics to levels at the strong end of the rating category.

The agency said it anticipates GenCorp to maintain a good liquidity profile post-closing of the call because the company will maintain cash levels at about half of its funded debt.

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