Fitch affirms GenCorp

Fitch Ratings said it affirmed GenCorp Inc.'s credit ratings, including the issuer default rating at B-, senior secured bank credit facility at BB-, recovery rating at RR1, senior subordinated notes BB-/RR1, convertible subordinated notes at B-/RR4 and contingent convertible subordinated notes at B-/RR4.

The outlook is stable.

GenCorp's ratings benefit from the company's sizable landholdings in the Sacramento, Calif., area, tax loss carry forwards that may allow the company to offset pretax profits in excess of $350 million at the federal level and $275 million at the state level, the agency said.

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