Fitch affirms Valhi

Fitch Ratings said it affirms Valhi, Inc.'s ratings as follows: issuer default rating at BB- and senior secured credit facility at BB- as well as Kronos International, Inc.'s at issuer default rating at BB, senior secured credit facility at BB+ and senior secured notes at BB.

The outlook for both Valhi and Kronos was revised to negative from stable, the agency said.

Fitch added that the negative outlook reflects unfavorable trends related to Valhi's titanium dioxide business, with flat operating earnings and lower profitability while TiO2 sales and volumes grow.

The rating affirmation is supported by the company's adequate liquidity position and very manageable maturity schedule, the agency noted.

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