Moody’s ups Tronox, notes; rates debt

Moody's Investors Service said it upgraded Tronox Ltd.’s corporate family rating to B1 from B2, assigned a Ba3 rating to Tronox Finance LLC's proposed $2.15 billion senior secured term loan B and assigned a B3 rating to Tronox UK Holdings Ltd.'s proposed $450 million senior unsecured notes.

The agency also upgraded the rating on the existing $600 million 7½% senior unsecured notes due 2022 to B3 from Caa1.

The outlook is stable. This concludes the review for upgrade initiated on Feb. 21, 2017.

"Tronox will reduce leverage moderately following the proposed transactions and will be better-positioned to take advantage of strong industry conditions in titanium dioxide at least through 2018," Ben Nelson, Moody's vice president, senior credit officer and lead analyst for Tronox, said in a news release.

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