Fitch ups, assigns BB+ to Kronos notes

Fitch said it upgraded Kronos International Inc.'s senior secured notes due 2025 to BB+/RR1 from BB/RR2 and rated its planned senior secured notes due 2029, to be issued to complete the company's announced bond exchange offering BB+/RR1.

The agency also affirmed Kronos Worldwide, Inc. (Kronos) and its wholly-owned subsidiary, Kronos International, Inc.'s long-term issuer default rating at B+. Finally, Fitch affirmed the issue rating of Kronos Worldwide's $225 million senior secured asset-backed lending facility at BB+/RR1.

Kronos International is offering holders of its €400 million of senior secured notes due 2025 up to €325 million in existing notes for up to about €275 million in newly issued senior secured notes due 2029, to be issued by Kronos International, and cash. Kronos International also plans to issue a €50 million unsecured term loan funded by its ultimate parent, Contran Corp., to fund cash payments to participating holders.

The outlook remains stable.

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