Moody's lifts Titan

Moody's Investors Service said it raised its ratings for Titan International, Inc., including the company's corporate family rating to B3 from Caa1, the probability of default rating to B3-PD from Caa1-PD and the senior secured rating to B3 from Caa1.

“The upgrades reflect Titan's improved operating performance on very strong agricultural and construction equipment demand in 2021, and Moody's expectation that this performance is sustainable through 2022 as end markets remain favorable. Further, Moody's expects Titan's more efficient working capital management will result in about breakeven free cash flow in 2021 before becoming modestly positive in 2022,” the agency said in a press release.

The outlook is stable.

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