Moody’s downgrades Titan, notes

Moody's Investors Service said it downgraded the ratings of Titan International, Inc., including its corporate family and probability of default ratings to B2 and B2-PD from B1 and B1-PD, respectively.

Concurrently, the agency downgraded the company's senior secured notes due 2020 to B2 from B1.

The outlook is stable.

Moody’s said the downgrade was driven by the expectation that credit metrics will not improve meaningfully over the intermediate-term due to lower-than-anticipated demand for its mining tires and tires for larger agricultural equipment.

In addition, Titan’s speculative grade liquidity rating was lowered to SGL-3 from SGL-2, reflecting the expectation that the company will maintain an adequate near-term liquidity profile.

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