S&P changes Titan to positive

S&P said it affirmed its B- issuer credit rating on Titan International Inc. and revised the outlook to positive from negative.

At the same time, the agency affirmed the B- rating on the company's $400 million senior secured notes. The 3 recovery rating is unchanged, indicating an expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a default.

“The affirmation and outlook revision to positive reflects Titan's improved debt leverage, stemming from strengthening end markets and resulting EBITDA growth,” S&P said in a news release.

“The company's key agricultural, construction and mining markets began to recover in 2017 and we expect will continue to improve in 2018.”

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