Moody's lowers Tronox

Moody's Investors Service said it downgraded Tronox Worldwide LLC's corporate family rating to Ca from Caa3, and the probability of default rating was lowered to D from Ca following the company's announcement that it has filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code with the United States Bankruptcy Court for the Southern District of New York.

The ratings on the company's debt issues were also downgraded, the agency said.

Affected ratings include the company's senior secured bank credit facility, downgraded to Caa1 from B2, 20% - LGD2; senior unsecured regular bond/debenture, downgraded to C from Ca, 74% - LGD5; and speculative-grade liquidity rating, affirmed at SGL-4.

Moody's said it most recent announcement concerning the ratings for Tronox was on Aug. 25, when the ratings were downgraded and remained under review with negative implications.

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