S&P lowers GenCorp

Standard & Poor's said it lowered its ratings on GenCorp Inc., including lowering the corporate credit rating to B+ from BB-.

The outlook is stable.

The downgrade reflects continued poor, albeit improving, operating performance in the core Aerojet unit, S&P noted.

The ratings on GenCorp reflect a weak financial profile, driven by high leverage and poor profitability and a modest-scale compared with competitors, S&P said, noting these factors are offset somewhat by solid niche positions in aerospace propulsion and significant real estate holdings.

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