Aerojet Rocketdyne Holdings Inc (AJRD)

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March 29 /PRNewswire-FirstCall/ --

GenCorp Inc. (NYSE: GY) announced today that on March 26, 2010 Moody's Investors Service upgraded both its Corporate Family Rating (CFR) to B2 from B3 and Probability of Default ratings to B2 from Caa1. In addition, the senior secured credit facilities were upgraded to Ba2 from Ba3, as well as the convertible subordinated notes to Caa1 from Caa2. The 9 1/2% senior subordinated notes were confirmed at B1. Also, Moody's attached an outlook of "stable" to its credit rating of the Company.

Moody's noted in its research update announcing the upgrade, "The B2 CFR and stable rating outlook reflect GenCorp's improved financial position and greater flexibility and the Company's recent track record of stronger cash flow generation."

Moody's announcement follows a similar action taken by Standard & Poor's Ratings Services (S&P). On January, 22, 2010, S&P raised its ratings of GenCorp Inc. to B- from CCC+ and removed all ratings from CreditWatch. S&P attached an outlook of "stable" to its credit rating of the Company.

S&P noted in its research update announcing the upgrade, "The rating actions follow the Company's repayment of $125 million of debt that was tendered to it, with proceeds from the $200 million in convertible subordinated debentures it issued in late December 2009."

"These upgrades validate continued progress in our longer-term strategy to address our capital structure and focus on cash flow," said Kathy Redd, chief financial officer, GenCorp Inc.

About GenCorp