Moody's upgrades Tronox

Moody's Investors Service said it upgraded Tronox Holdings plc's corporate family rating to Ba3 from B1 and probability of default rating to Ba3-PD from B1-PD.

The agency also raised the ratings on Tronox Finance LLC's senior secured term loan and cash flow revolver to Ba2 from Ba3, the ratings for Tronox Inc.'s senior secured global notes to Ba2 from Ba3 and boosted the senior unsecured global notes to B1 from B3.

“The upgrade reflects strong performance and good progress in debt reduction and expectations that the company achieves its $2.5 billion debt level target, which corresponds to Moody's upgrade trigger, in the near term. Debt has been reduced from $3.3 billion at year end 2020 to $2.7 billion for the quarter ending Sept. 30, 2021, as stronger industry prices in TiO2 pigment and the company's feedstock advantage have supported EBITDA and cash flow growth,” the agency said in a press release.

The SGL-2 liquidity score is unchanged and the outlook on the ratings remains stable.

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