TEXT-S&P rates Tenneco's proposed notes 'B'

Newswire

(The following statement was released by the rating agency) July 29 - Standard & Poor's Ratings Services today said that it has assigned a 'B' rating to Tenneco Inc.'s proposed $225 million senior unsecured notes due 2018. At the same time, we assigned our recovery rating of '4' to the proposed facilities, indicating our expectation that lenders would receive average (30% to 50%) recovery in the event of a default. Proceeds of this offering will be used to call the outstanding ...

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