Summary: Tenneco Automotive Inc. Apr 02
- ID: 1831587
- April 2002
- Standard & Poors
On April 5, 2002, Standard & Poor's lowered its long-term corporate credit rating on Tenneco Automotive Inc. due to Tenneco's continuing poor operating performance and high debt levels. Despite extensive restructuring actions underway at the company, intermediate-term credit protection measures will likely remain below levels factored into previous ratings, while the debt burden will remain substantial. Lake Forest, Ill.-based Tenneco is a manufacturer of exhaust systems and ride control products for the original equipment and aftermarket segments of the automotive industry. The ratings reflect Tenneco's solid market positions, albeit in cyclical and competitive markets; highly leveraged capital structure; and weak credit protection measures. Tenneco sells exhaust systems (65% of revenues) and ride control products (35%) to both the original equipment...
Companies mentioned in this report are:
- Tenneco Inc.
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