Research Update: Tenneco Inc. Placed On CreditWatch With Positive Implications On Business, Financial Prospects Jan 06
- ID: 1831208
- January 2006
- Standard & Poors
On Jan. 30, 2006, Standard & Poor's Ratings Services placed various ratings, including its 'B+' corporate credit rating on Lake Forest, Ill.-based Tenneco Inc. on CreditWatch with positive implications. The company's 'B-1' short-term and '3' recovery ratings are affirmed and are not on CreditWatch. The CreditWatch reflects our view that a modest upgrade is possible following our review of Tenneco's business and financial prospects for 2006 and beyond. The company's credit measures improved during 2005, despite a very difficult environment for the rated auto supplier universe, reflecting Tenneco's good customer, platform, and geographic diversity. Still, given our view that challenging automotive supplier industry conditions will continue, we would need to conclude that Tenneco's improved operating and financial performance is sustainable...
Companies mentioned in this report are:
- Tenneco Inc.
Action: On CreditWatch:Positive
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
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