Moody's upgrades Tenneco

Moody's Investors Service said it raised the corporate family and probability of ratings of Tenneco Inc. to Ba3 from B1.

In a related action Moody's said it raised the ratings on the company's existing senior secured bank debt to Baa3 from Ba1 and the ratings on the senior unsecured notes to B1 from B2.

The outlook is stable.

The upgrade of Tenneco's corporate family rating to Ba3 reflects the sustained improvement in the company's profitability resulting from the recovering global automotive industry and lower debt service requirements following the company's debt refinancing in late 2010, according to the agency.

Moody's said it expects the resulting improvement in credit metrics to be sustained through 2012.

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