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TEXT-S&P: Tronox Finance note rating unchanged by add-on
August 15, 2012 / 8:15 PM / 5 years ago

TEXT-S&P: Tronox Finance note rating unchanged by add-on

Aug 15 - Standard & Poor's Ratings Services said today that its 'BB-' issue
rating and '5' recovery rating on the senior notes issued by Tronox Finance
LLC-a subsidiary of Tronox Ltd. -remain unchanged following the
company's $250 million increase in the proposed senior-note offering, to $900
million. All our other ratings on Tronox, including the 'BB' corporate credit
rating, also remain unchanged. The outlook remains stable. 

Tronox will use the proceeds to fund a $400 million return of capital to 
shareholders and for general corporate purposes. The company could also use 
the proceeds for further returns of capital to shareholders from time to time.

The '5' recovery rating on Tronox's proposed senior notes indicates our 
expectation of a modest (10% to 30%) recovery in the event of a payment 
default. For the complete recovery analysis, see Standard & Poor's recovery 
report on Tronox to be published later on RatingsDirect.

For the latest complete corporate credit rating rationale, see Standard & 
Poor's research update "Tronox Finance LLC $650 Million Senior Notes Assigned 
'BB-' Rating; Tronox Ltd. 'BB' Corporate Credit Rating Affirmed," published 
Aug. 13, 2012.
 
Ratings List
 
Tronox Ltd.
Corporate credit rating        BB/Stable/--

Tronox Finance LLC
$900 million senior
 unsecured notes due 2020      BB-
Recovery rating                5


Complete ratings information is available to subscribers of RatingsDirect on 
the Global Credit Portal at www.globalcreditportal.com. All ratings affected 
by this rating action can be found on Standard & Poor's public Web site at 
www.standardandpoors.com. Use the Ratings search box located in the left 
column.

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