Tronox Limited -- Moody's downgrades Tronox Limited's CFR Rating to B1, Outlook Stable

New York, March 05, 2015 -- Moody's Investors Service downgraded the Corporate Family Rating (CFR) of Tronox Limited to B1 from Ba3. In addition, Moody's downgraded the senior secured bank facility rating of Tronox Pigments (Netherlands) B.V. to Ba3 from Ba2 and the senior unsecured ratings of Tronox Finance LLC to B3 from B2. The Speculative Grade Liquidity Rating is lowered to SGL-2 from SGL-1. The outlook is stable. These actions reflect the step up in leverage resulting from the pending acquisition of FMC's soda ash business, and Moody's view that the company's existing titanium dioxide (TiO2) pigment and ore businesses are unlikely to exhibit sufficient cyclical recovery in the near term to facilitate adequate improvement in credit metrics to support the Ba3 ratings. The economic incentives to make additional acquisitions, so as to utilize more of its substantial tax NOLs, also add a level of uncertainty to the company's future credit profile.

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