S&P: Hexcel on positive watch

Standard & Poor's said it placed its ratings on Hexcel Corp., including the B+ corporate credit rating, on CreditWatch with positive implications.

Other affected ratings include the company's senior secured debt at B+ and subordinated debt at B-.

S&P said the CreditWatch reflects an improved financial profile driven by solid end market demand, the benefits of financial and operational restructurings and declining leverage.

The agency noted Hexcel's full-year 2005 financial results show solid improvements in revenues, earnings and cash flow due mostly to recovery in the commercial aerospace market, despite the strike at Boeing Co. in September 2005 and delays in deliveries of Airbus' A380 superjumbo.

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