Fitch rates Tenneco notes BB

Fitch Ratings said it gave BB/RR2 ratings to Tenneco Inc.’s upcoming offering of $800 million of senior secured notes due 2029.

Proceeds will be used to refinance Tenneco’s senior secured notes due 2024.

Concurrently, Fitch affirmed Tenneco’s B+ issuer rating, its senior secured term loan, revolver and notes at BB/RR2 and its senior unsecured notes at B-/RR6.

Fitch also revised Tenneco’s outlook to stable from negative. The revision mirrors Fitch’s view that the worst part of the pandemic and its effect on the company’s credit profile has passed. It also considers Tenneco’s credit profile will strengthen as the global auto industry recovers, the agency said.

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