Fitch drops Valhi

Fitch Ratings said it has downgraded Valhi, Inc.'s issuer default rating to CCC from B-.

In addition, Fitch said it has downgraded the rating on Valhi's $85 million senior secured revolving credit facility to CCC/RR4 from B-/RR4.

The facility is secured by a pledge of 20 million shares of Kronos Worldwide, Inc. common stock owned by Valhi, the agency said, noting that borrowings are limited to a third of the market value of the pledged shares.

Fitch said it has also downgraded Kronos International, Inc.'s ratings as follows: issuer default rating to CCC from B; senior secured revolving credit facility to B+/RR1 from BB/RR1; and senior secured notes to CCC/RR4 from B/RR4.

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