S&P drops Tronox

Standard & Poor's said it lowered its corporate credit and other ratings on Tronox Inc. by one notch.

The agency said it lowered the corporate credit rating to B from B+.

The outlook is negative.

According to the agency, the downgrade reflects the expectation for a continuation of challenging operating conditions for titanium dioxide producers into 2009, including a weak U.S. housing end-market and high input and energy costs.

S&P added that these factors have contributed to weaker earnings, cash flows and credit quality measures, relative to its expectations at the previous rating.

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