Fitch Ratings said Monday that it has downgraded the Issuer Default Rating and senior secured term loan of Kronos Worldwide, Inc. (KRO) to 'BB-' from 'BB'.
The Ratings Outlook is Stable.
The ratings were downgraded to reflect the volatility of the titanium dioxide market and the frequency of stocking/destocking activity and related earnings volatility, Fitch said.
Fitch also said its ratings reflect the company's solid market position in the TiO2 industry, solid liquidity and modest debt levels combined with earnings volatility in the TiO2 industry.
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