Moody’s changes Titan outlook to negative

Moody's Investors Service said it affirmed the ratings of Titan International, Inc., including its B1 corporate family rating and B1-PD probability of default rating.

Concurrently, the rating on the company's senior secured notes due 2020 was affirmed at B1.

The outlook was changed to negative due to its weaker-than-expected operating performance during the first half of 2014 and expectation that credit metrics will not improve meaningfully from current levels over the near-term.

The company has cited lower demand for its mining tires and larger products in its agricultural segment as the primary factors contributing to the lower than expected operating performance, the agency said.

Titan's speculative grade liquidity rating was affirmed at SGL-2, denoting a good liquidity profile.

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