Moody's rates Kronos loans Ba3, Caa1

Moody's Investors Service said it affirmed Kronos Inc.'s B2 corporate family and probability of default ratings and assigned Ba3 and Caa1 ratings to the company's proposed first- and second-lien credit facilities.

The company will use net proceeds from the new credit facilities and about $50 million of cash on hand to refinance existing debt and pay roughly $538 million in dividends to its shareholders.

Moody's said it revised the outlook to negative reflecting the company's elevated financial risk profile and aggressive financial policies which will result in a material erosion in the company's financial flexibility.

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