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Research Update: Tenneco Automotive Inc. Assigned 'B-' on $350 Million Senior Subordinated Debt Nov 04 Product Image

Research Update: Tenneco Automotive Inc. Assigned 'B-' on $350 Million Senior Subordinated Debt Nov 04

  • ID: 1832123
  • November 2004
  • Standard & Poors

Abstract
On Nov. 9, 2004, Standard & Poor's Ratings Services assigned its 'B-' subordinated debt rating to Lake Forest, Ill.-based Tenneco Automotive Inc.'s $350 million senior subordinated notes, due 2014, to be issued in accordance with Rule 144A with registration rights. At the same time, Standard & Poor's affirmed its 'B+' corporate credit rating and all other ratings on Tenneco, a global manufacturer of automotive components. The company has about $1.4 billion of outstanding debt. The outlook is positive. Proceeds from the new debt issue will be used to redeem a portion of the firm's 11 5/8% senior subordinated notes, due 2009. With this transaction, Tenneco expects to reduce annual interest expense by about $10 million. The ratings on Tenneco reflect...

Companies mentioned in this report are:
- Tenneco Inc.

Action: Affirmed
Action: New Rating

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
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

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- Tenneco Inc.

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Note: Product cover images may vary from those shown

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