Recovery Report: Tenneco Inc.'s Recovery Rating Profile Nov 10
Standard & Poors, November 2010
Abstract
On Nov. 8, 2010, Standard & Poor's Ratings Services raised its issue ratings and maintained its recovery ratings on automotive supplier Tenneco Inc.'s senior secured, senior unsecured, and subordinated debt tranches. The change in issue ratings is consistent with our change in the corporate credit rating to BB-/Stable/-- on the same day. Our simulated default scenario was based on a payment default in 2013 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 is the borrower and operates through several domestic and foreign subsidiaries. Tenneco continues to lengthen its maturity structure by replacing debt that matures in 2013 with notes that mature in 2018...
Companies mentioned in this report are:
- Tenneco Inc.
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.
Research Type: Full Analysis
- Tenneco Inc.
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