Summary: Tenneco Automotive Inc. Apr 05

Standard & Poors, April 2005

Abstract
The ratings on Tenneco Automotive Inc. reflect the company's aggressively leveraged capital structure; weak, albeit improving credit protection measures; and a slightly below-average business profile characterized by exposure to highly competitive and cyclical automotive markets that partially negate the benefits of strong market positions. Tenneco is a leading global supplier of emission-control and ride-control products to the automotive original equipment (OE) market and aftermarket. Tenneco has good customer, platform, and geographic diversity, and a balance between OE sales (75%) and aftermarket sales (25%). About 46% of sales are generated in North America, 41% in Europe, and the balance of sales in the rest of the world. Coming stricter emission-control standards, demand for improved vehicle stability, and expected long-term growth of...

Companies mentioned in this report are:
- Tenneco Inc.

Action: Review

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Tenneco Inc.

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