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S&P Credit Research1264 word report
published Feb 18, 2009
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S&P Credit Research
| Abstract: | On Feb. 18, 2009, Standard&Poor's Ratings Services lowered its corporate credit ratings on Dallas-based Valhi Inc. and its subsidiary, Kronos International Inc., to 'B-' from 'B' and placed the ratings on CreditWatch with negative implications. We also lowered the rating on Kronos' €400 million senior secured notes issue due 2013 to 'CCC+' from 'B' and placed the notes on CreditWatch with negative implications. We revised the recovery rating on these notes to '5', indicating our expectation of modest (10% to 30%) recovery in the event of a payment default, from '3'. The downgrade reflects our expectation of weaker 2009 operating results related to the company's titanium dioxide (TiO2) business, driven by a challenging operating environment with weak global
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| Brief Excerpt: | RESEARCH Ratings Definitions Research Update: Valhi Inc. Downgraded To 'B-' From 'B' And Placed On CreditWatch Negative On Weakening Operating Results Publication date: 18-Feb-2009 Primary Credit Analyst: Henry Fukuchi, New York (1)...
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| Report Type: | Research Update
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| Ticker: | VHI
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| Issuer: | Valhi Inc.
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| GICS: | Specialty Chemicals (15101050)
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| Sector: | Chemicals, Corporations, Forest Products, Global Issuers
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| Country: | United States
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| Region: | United States
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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NEW YORK (Standard&Poor's) Feb. 18, 2009--Standard&Poor's Ratings Services lowered its corporate credit ratings on Dallas-based Valhi Inc. and its subsidiary, Kronos International Inc., to 'B-' from 'B' and placed the ratings on CreditWatch ...
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