S&P assigns Tronox loans BB-

S&P said it assigned BB- and 1 recovery ratings to Tronox Ltd.’s planned $350 million revolving credit facility and about $1.3 billion term loan.

Proceeds will refinance a term loan of about $1.6 billion.

The agency also affirmed Tronox’s B issuer rating and changed the outlook to stable from negative.

“Our outlook revision to stable from negative reflects our view that the probability of credit metrics weakening to levels below those appropriate for the rating has declined. The company’s 2020 operating performance was slightly stronger than our expectations. We anticipate Tronox will build on that operating performance and slight improvements in pricing and volumes will strengthen operating earnings and lift credit metrics modestly in 2021,” S&P said in a press release.

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