Fitch rates Kronos notes BB

Fitch Ratings said it affirmed Valhi Inc.'s senior secured credit rating and senior unsecured (implied) rating at BB-.

At the same time, Fitch affirmed Kronos International Inc.'s senior secured debt rating of BB and assigned a BB to its proposed €90 million private placement of add-on senior secured notes due 2009 . The outlook is stable.

The proceeds of the private placement are expected to be loaned to Kronos Worldwide.

Fitch said it expects Kronos' improved cash flow from net operating activities will support the additional debt.

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