Moody's lifts Kronos, notes

Moody's Investors Service said it upgraded Kronos International, Inc.'s corporate family and probability of default ratings to B2 from B3 and the rating on the €400 million 6.5% senior secured notes due 2013 to B3 (LGD5, 72%) from Caa1 (LGD5, 71%).

The outlook is positive.

The upgrade reflects the company's strong operating results, attractive titanium dioxide market conditions and the expectation that the company will continue to enjoy strong margins and positive free cash flow, the agency said.

The positive outlook assumes the company will maintain its profit margins, generate positive free cash flow over the next 12 months and successfully renegotiate its revolver.

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