Fitch ups GenCorp 5.75% notes, cuts 4%, 2.25% notes

Fitch Ratings said it that as the result of GenCorp Inc. increasing its senior secured credit facilities to $234.5 million from $178.5 million and securing its 5.75% subordinated convertible notes due 2007 with cash collateral, it has taken the following rating actions: 5.75% subordinated convertible notes due 2007 upgraded to BB-/RR1 from B-/RR4; 4% contingent convertible subordinated notes due 2024, lowered to CCC+/RR5 from B-/RR4, and 2.25% contingent convertible subordinated debentures due 2024, lowered to CCC+/RR5 from B-/RR4.

Fitch said it removed the upgraded notes from rating Watch positive and the downgraded notes from rating Watch negative.

The outlook is stable.

The agency said that GenCorp took these actions in order to enhance liquidity and to comply with the terms of its senior credit agreement.

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