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S&P raises Titanium Metals
Standard & Poor's said it raised its corporate credit rating on Titanium Metals Corp. to B from B-.
The outlook is stable.
At the same time, S&P raised its preferred stock rating to CCC from D and assigned the rating to the company's proposed 6.75% series A convertible preferred stock offering, which is being issued to tender the company's outstanding 6.625% convertible preferred securities. Completion of the tender offer is expected to occur in the third quarter of 2004.
S&P said the ratings on Titanium Metals reflect its limited product diversity and reliance on the commercial aerospace industry, somewhat offset by its low debt level and ample liquidity.
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