S&P lowers Tronox

Standard & Poor's said it lowered Tronox Inc.'s corporate credit rating to CCC- from CCC+.

Ratings remain on CreditWatch with negative implications, where they were placed on July 31, following uncertainty regarding the company's ability to comply with financial covenants and the appointment of an investment bank to advise on strategic alternatives.

In addition, S&P said the watch now reflects uncertainty related to Tronox's attempts to extend the September maturity of a receivable securitization program, which is an important source of liquidity.

The downgrade reflects heightened concern on Tronox's liquidity, specifically related to near-term covenant compliance and its ability to meet an upcoming interest payment in December without covenant relief, the agency noted.

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