S&P lowers Kronos CCR to B

Standard & Poor's said it lowered its corporate credit rating on Kronos Worldwide Inc. to B from B+.

The outlook is stable.

At the same time, the agency revised the recovery rating on the company's $350 million term loan B to 2 from 3. The issue-level rating remains B+. The 2 recovery rating indicates an expectation of substantial (lower end of the 70% to 90% range) recovery in the event of a payment default.

"The downgrade reflects our forecast for weaker-than-expected credit measures, with weighted-average debt to EBITDA of above 5x," S&P credit analyst Brian Garcia said in a news release.

"As a result, we have revised our assessment of the company's financial risk profile to highly leveraged from aggressive."

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