The Credit Overhang: A Protracted European Recession Could Hurt Some U.S. Auto Sector Ratings Aug 12
- Language: English
- Published: August 2012
- Region: Europe, United States
Second-quarter operating results for auto parts maker Tenneco were better than we expected. We revised our outlook on Tenneco to positive from negative and affirmed our ratings. We believe the company's credit measures could return to levels consistent with a higher rating. On Aug. 31, 2009, Standard & Poor's Ratings Services revised its outlook on Tenneco Inc. to positive from negative and affirmed its 'B-' corporate credit rating and other ratings. The outlook revision reflects our expectation that operating results will improve more quickly than we expected thanks to greater manufacturing efficiencies, assorted restructuring initiatives, and tighter cost controls. As a result, we believe credit measures could return to levels consistent with a higher rating, and liquidity also will improve....
Companies mentioned in this report are:
- Tenneco Inc.
Action: Outlook: 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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- Tenneco Inc.