S&P reduces Titan credit rating

QUINCY, Ill. (Nov. 13)—Standard & Poor's Ratings Services has lowered its corporate credit rating on Quincy-based tire and wheel maker Titan International Inc. to "B-" from "B." The diminished outlook is based on depressed conditions in the firm's end markets and uncertainty on the timing of a return to profitability, the rating agency said. Weak markets are expected to depress the company's financial performance through the rest of 2002 and into 2003, Standard & Poor's said. The outlook for Titan is stable, reflecting the agency's expectation of enhanced financial performance for the company when end market demand improves.