S&P ups Valhi, Kronos

Standard & Poor's said that it raised the corporate credit ratings on Valhi Inc. and its subsidiary Kronos International Inc. to B+ from B.

The outlook is stable.

S&P raised the issue-level ratings on Kronos International's €400 million of senior secured notes due 2013 to B from B-. The recovery rating remains 5, indicating modest (10%-30%) recovery for noteholders in the event of default.

The upgrade reflects the expectation that sustained improvements to operating results will continue to support adequate liquidity and an improved financial profile, the agency said. Management will likely maintain financial policies to support credit quality consistent with the ratings.

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