Fitch rates Kronos facility BB+

Fitch Ratings said it rated Kronos Worldwide Inc.’s new $225 million senior secured asset-backed lending facility BB+/RR1 and withdrew its issue ratings for the U.S. and European ABL facilities, which were refinanced.

The agency also changed the outlook to stable from negative, reflecting expectations of favorable TiO2 pricing and demand trends to support revenue and EBITDA growth over the forecast horizon. Fitch said it sees will total debt/EBITDA below 2.5x by YE 2021.

Concurrently, Fitch affirmed its ratings for Kronos and its wholly owned subsidiary Kronos International Inc., including its senior secured notes at BB/RR2.

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