S&P: Goodrich outlook positive

Standard & Poor's said it revised its outlook on Goodrich Corp. to positive from stable and affirmed its BBB corporate credit and senior unsecured local-currency ratings.

The outlook revision reflects a strengthening financial profile resulting from the favorable commercial aerospace market and improving profitability, according to the agency.

The ratings are supported by its leading positions in selected aerospace businesses, good liquidity position and improving profitability, S&P said.

These factors are offset by exposure to the cyclical and competitive albeit strong commercial aerospace market and the significant upfront investment required for new aircraft programs, the agency said.

Goodrich repaid $1.3 billion in debt since the acquisition of TRW's Aeronautical Systems unit in late 2002, reducing its debt-to-EBITDA ratio to below 2.5 times, S&P said.

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