Moody’s changes Kronos view to stable

Moody's Investors Service said it affirmed all long-term ratings for Kronos Worldwide, Inc., including the B1 corporate family rating.

The outlook was changed to stable from negative based on the expectation that recent improvement in credit metrics will be sustained.

Moody's also upgraded the speculative grade liquidity rating to SGL-2 from SGL-3.

Moody’s said the outlook revision reflects its expectation that credit metrics will remain solid for the B1 corporate family rating, following a cyclical recovery in the titanium dioxide industry over the past several quarters.

The company's adjusted financial leverage has fallen to 3.1 times for the 12 months ended March 31 from a peak of 10.8 times at June 30, 2016 and its retained cash flow-to-debt has improved to about 14% (RCF/debt) from negative levels over the same horizon.

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