S&P downgrades Kronos

S&P said it downgraded Kronos Worldwide Inc. to B- and the rating on its secured debt to B from B+. The 2 recovery rating is unchanged.

“The downgrade reflects our revised macroeconomic assumptions and the impact we expect that will have on key end markets for titanium dioxide (TiO2), such as architectural coatings,” said S&P in a press release.

S&P said it projects a global recession this year and it expects a decline in demand for TiO2.

The outlook is negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.