S&P revises Tronox view to negative

S&P said it revised the outlook for Tronox Ltd. to negative from stable and affirmed the company’s B rating. S&P also affirmed the issue-level ratings on the secured debt at BB- and the recovery ratings at 1 and the issue-level ratings on the unsecured debt at B and the recovery ratings at 4.

“We anticipate that a global economic slowdown in 2020 will hurt demand for titanium dioxide (TiO2) in key end markets like architectural coatings, and this will lead to weakened credit measures at Tronox Ltd.,” said S&P in a press release.

“The negative outlook on Tronox reflects the potential for a weakening of earnings and credit measures that is greater than what we have incorporated in our ratings analysis,” said S&P.

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