S&P changes Titanium Metals outlook to stable

Standard & Poor's said it revised its outlook on Titanium Metals Corp. to stable from negative and affirmed all of its ratings.

S&P said the outlook revision reflects the company's improved operating performance because of stabilization in the company's key end market, commercial aerospace, and benefits from its increased market share.

"The ratings reflect Denver, Colo.-based Titanium Metals Corp.'s (TIMET) position as an integrated producer of titanium sponge and mill products and soft end market conditions, partially tempered by adequate liquidity and very low debt levels," said S&P credit analyst Dominick D'Ascoli.

Titanium Metals, with last-12-months' sales of $370 million, primarily sells its titanium products to the highly cyclical and mature aerospace markets. Aerospace industry sales accounted for 67% of the company's 2002 revenue, with commercial and military aerospace volumes of 85% and 15% respectively.

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