MUMBAI (Thomson Financial) - Moody's Investors Service cut its ratings outlook on U.S-based emission control products maker Tenneco Inc. to stable from positive, but affirmed its ratings on the company.
The rating agency said the affirmation of the 'B1' corporate family rating incorporates Tenneco's competitive position in its emissions controls business, which has resulted in generally improved credit metrics through the first quarter of 2008.
Also, the company's geographic diversity and market position are expected to continue to support the its position within the assigned rating.
However, Moody's said the outlook change reflects automotive industry pressures including general economic conditions which have weakened consumer demand, high fuel costs, and decreasing market share of the Detroit-3.
The agency affirmed the company's corporate family rating at 'B1'; the first-lien senior secured credit facilities at 'Ba1'; senior secured second lien debt at 'Ba3'; the senior unsecured notes at 'B2'; and senior subordinated notes at 'B3'. TFN.newsdesk@thomson.com vsr/ran COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
© 2008 AFX News
