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S&P rates Kronos notes B
S&P said it assigned B issue-level rating 1 recovery ratings to Kronos International Inc.'s planned senior secured euro notes due 2029, which the company is issuing as part of a debt exchange offer for its 3¾% senior secured notes due 2025. Kronos is a subsidiary of Kronos Worldwide Inc.
The agency said it also affirmed all its ratings for Kronos Worldwide, including its CCC+ issuer rating, and Kronos International.
The company will use the proceeds, along with balance sheet cash, to refinance most of its notes, though there will be a stub maturity on the tranche that will remain outstanding.
The outlook is negative.
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