S&P changes Kronos loan recovery to 3

Standard & Poor's said it affirmed its BB- corporate credit and issue-level ratings on Kronos Worldwide Inc. The outlook is stable.

At the same time, S&P said it revised its recovery rating on the company's debt to 3 from 4, indicating an expectation for a meaningful (50% to 70%) recovery in the event of a payment default.

"The ratings on Kronos reflect the company's limited focus on the cyclical, commodity-based TiO2 market and very aggressive financial policies," said S&P credit analyst Seamus Ryan in a news release.

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