- Language: English
- 63 Pages
- Published: August 2010
- Region: Croatia
Recovery Report: Tenneco Inc.'s Recovery Rating Profile Jul 10
- Published: July 2010
- Standard & Poors
On July 29, 2010, Standard & Poor's Ratings Services assigned its issue and recovery ratings to automotive supplier Tenneco Inc.'s new $225 million senior unsecured revolving notes maturing 2018. The issue rating is 'B' (the same as the corporate credit rating), and the recovery rating is '4', indicating our expectation that lenders would receive average (30% to 50%) recovery in the event of a payment default. The issue will be used to repay in full the outstanding balance on Tenneco's 10.25% second-lien notes. Our simulated default scenario was based on a payment default in 2012 caused by a severe decline in the auto industry and margin deterioration as light-vehicle sales again fall to the levels of 2008 and 2009. Tenneco...
Companies mentioned in this report are:
- Tenneco Inc.
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- Tenneco Inc.