Fitch ups Kronos

Fitch Ratings said it upgraded Kronos International, Inc.'s issuer default rating to B from B-, senior secured revolving credit facility to BB/RR1 from BB-/RR1 and senior secured notes to B/RR4 from B-/RR4.

The outlook is stable.

The ratings reflect high financial leverage at Kronos International as well as Kronos Worldwide, Inc.'s solid market position in the titanium dioxide industry, Fitch said.

The ratings also reflect the recovery in the titanium dioxide industry and the expectations that operating EBITDA will average at least $150 million annually over the next 24 months, the agency said.

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