S&P rates Titan B+, notes B

Standard & Poor's said it assigned its B+ corporate credit rating to Titan International Inc.

At the same time, S&P said it assigned its B ratings to the company's proposed $200 million five-year senior unsecured notes.

The outlook is stable.

According to the agency, proceeds from the issuance will be used primarily to repay about $167 million of outstanding borrowings under the company's revolver credit facility.

S&P noted that the ratings reflect Titan's business position in the cyclical, competitive and capital-intensive wheel and tire industry, adding that also factored in the ratings are the company's aggressive financial profile, as well as its leading market position, its improved, though volatile, profitability and expectation of adequate liquidity going forward.

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