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Moody's upgrades Kronos
Moody's Investors Service said it raised Kronos International, Inc.'s corporate family rating to B1 from B2, along with its senior secured notes due 2013 to B2 (LGD 5, 75%) from B3 (LGD 5, 72%).
The outlook remains positive.
The upgrade reflects the company's strong operating results, currently favorable TiO2 market and an expectation that the company will continue to enjoy strong margins, despite ore cost increases, Moody's said.
Inventory destocking and permanent plant closures that reduced worldwide TiO2 production capacity during the economic downturn in 2008 to 2009 have contributed to the current tight supply-demand dynamic with 95% operation rates and significant pricing power, the agency said.
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