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S&P downgrades Tronox
Standard & Poor's said it lowered the preliminary issue-level ratings on Tronox Inc.'s proposed $550 million senior secured term loan and $150 million delayed draw term loan to BB+ from BBB-.
The agency also said it revised the preliminary recovery rating to 2 from 1.
The 2 recovery rating reflects the proposed increase to the amount of senior secured debt in the capital structure and an expectation for 70% to 90% expected recovery in a default.
The ratings remain on CreditWatch with developing implications pending further information on the company's acquisition and capital structure plans.
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