TEXT-S&P cuts Tenneco Automotive corporate credit rtg


(The following statement was released by the rating agency) NEW YORK, May 25 - Standard & Poor's Ratings Services said today that it lowered its corporate credit rating on Tenneco Automotive Inc. to 'B+' from 'BB-' following the company's announcement that it decided not to proceed with its planned $150 million common equity offering. Credit statistics will be somewhat weaker than expected, as proceeds were to be used to tender for $130 million of the firm's 11 5/8% senior subordinated ...

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