Moody's ups Kronos

Moody's Investors Service said it raised Kronos International, Inc.'s corporate family rating to B3 from Caa1 and the rating on the €400 million senior secured notes due 2013 to Caa1 from Caa2.

The outlook is stable.

The upgrade reflects the company's better operating results, improved titanium dioxide market conditions and the expectation that credit metrics will improve further in 2010, Moody's said.

Kronos has benefited from a rebound in sales volumes and its margins are expected to benefit from higher selling prices and volumes, the agency said.

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