S&P ups Hexcel outlook to positive

Standard & Poor's said it revised its outlook on Hexcel Corp. to positive from stable.

At the same time, the agency said it affirmed its ratings, including the BB corporate credit rating, on the company.

The outlook revision is based on improving profitability and credit protection measures, benefiting from growth in core markets, operational leverage and debt reduction, despite high levels of capital spending, S&P noted.

According to the agency, the ratings on Hexcel reflect participation in the cyclical and competitive commercial aerospace industry, significant investment in carbon fiber capacity needed to support increasing jetliner production rates and uncertainty arising from an ongoing proxy contest over director nominations.

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