Fitch: Kronos views to negative

Fitch Ratings said it affirmed Kronos Worldwide, Inc. and Kronos International, Inc.'s BB- issuer default ratings and revised the outlooks negative from stable

The action follows weaker than expected earnings in 2013 and the possibility of weak operating cash flows for 2014. Fitch had expected operating EBITDA of at least $75 million for the year compared to a preliminary 2013 adjusted EBITDA loss of $38 million. Fitch said it had expected cash flow from operations (CFO) to exceed $90 million in 2013, which is likely to have been exceeded with liquidation of working capital.

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