Moody's ups Cristal Inorganic

Moody's Investors Service said it upgraded Cristal Inorganic Chemicals Ltd.'s corporate family rating and probability of default ratings to Ba3 from B1.

Moody's also upgraded the ratings on its revolving credit facility due 2012 to Ba1 (LGD 2, 26%) from Ba2 (LGD 2, 28%); first-lien term loan due 2014 to Ba1 (LGD 2, 26%) from Ba2 (LGD 2, 28%); and second-lien term loan due 2014 to B1 (LGD 5, 70%) from B2 (LGD 5, 73%).

The outlook is stable.

The upgrades reflect the company's improved operating performance and leverage reduction because of strong titanium dioxide industry dynamics that are expected to support positive free cash flow generation in 2012, Moody's said.

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