Moody’s lowers Venator

Moody’s Investors Service said it downgraded Venator Materials plc to B2 from B1. Moody’s also downgraded Venator Materials LLC’s senior secured term loan to B1 from Ba3 and the rating on Venator Materials senior unsecured bonds to B3 from B2. The SGL-2 rating was downgraded to SGL-3.

“The downgrades reflect lower earnings expectations and the likelihood that free cash flow is negative in 2020, reducing liquidity and diminishing the possibility that the company can reduce debt ahead of the next downcycle in TiO2 markets,” the agency said in a press release.

Moody’s changed the outlook to negative from stable.

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