Sep. 19 at 3:41 PM
Moody’s downgraded Venator Materials plc’s Corporate Family Rating to C and Probability of Default to D-PD after administrators were appointed, also cutting senior secured loans to Ca/C. All ratings will be withdrawn due to limited disclosure and pending asset sales; outlook remains stable.
Administrators from Alvarez & Marsal signal a UK insolvency process, while Venator’s main operating units in the UK, U.S., and France continue running. Moody’s expects low recovery on $ 100M First-Out and $ 175M Term Loans due to high European costs and weak TiO2 markets.
$VNTRF