S&P ups Valhi

Standard & Poor's said it raised the corporate credit rating Valhi Inc. and its subsidiary, Kronos International Inc., to B from CCC+.

The outlook is positive.

The agency also said it raised the ratings on Kronos International's €400 million senior secured notes due 2013 to B- from CCC with a recovery rating of 5, indicating 10% to 30% recovery in a default.

The upgrade reflects an expectation that strengthening operating trends will continue to support adequate liquidity and an improved financial profile over the near to intermediate term, S&P said.

The positive trend in operating performance is the result of sequential improvements in volumes and pricing within Valhi's titanium dioxide (TiO2) business, the agency said.

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