S&P gives Titan notes B-

S&P said it assigned a B- issue-level rating to Titan International Inc.'s proposed $400 million senior secured notes due 2023.

The 3 recovery rating indicates an expectation for meaningful recovery (50%-70%; rounded estimate: 50%) in the event of a payment default.

The notes will replace Titan's existing 6 7/8% notes due 2020 and will effectively extend the maturity of its asset-based lending facility (unrated) to 2022.

All other ratings on Titan are unchanged.

“Our ratings on the company continue to reflect its elevated financial leverage. Titan's leverage has remained elevated since the beginning of the downturn in the agricultural end market in 2014,” the agency said in a news release.

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