Fitch upgrades 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 BB-/RR3 from B/RR4.

The outlook is stable.

The ratings reflect debt repayment and lower financial leverage at Kronos International, as well as Kronos Worldwide, Inc.'s solid market position in the top five in the titanium dioxide industry, according to the agency.

Kronos' total debt to EBITDA improved to 0.9 times as of Dec. 31, from 3.9x as of Dec. 31, 2010, the agency said.

The ratings also reflect the recovery in the TiO2 industry and Fitch's expectations that EBITDA will be at least $250 million in 2012, the agency noted.

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