Moody's: Titan view positive

Moody's Investors Service said it affirmed the credit ratings of Titan International, Inc., including the corporate family and probability of default ratings at B2.

Concurrently, the agency changed the outlook to positive from stable and affirmed the rating on the company's senior secured notes due 2017 at B1 and the speculative grade liquidity rating at SGL-2.

Moody's said the change in outlook recognizes Titan's meaningful improvement in credit metrics due in part to current positive industry dynamics in the company's main end-markets, in particular the agricultural and earthmoving sectors.

The positive trends in agricultural and base metals futures prices benefits the company's agricultural and earthmoving segments due to the continued anticipated strong demand for farm tires as well as mining tires, according to the agency.

Additionally, Moody's said Titan has exhibited strong growth over the last few quarters from the company's core North American operations and the acquisition earlier this year of Goodyear's Latin American farm tire business.

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