Tenneco drops to B+ on S&P scale
Tenneco Inc. was another giant auto-parts maker Standard & Poor's was forced to downgrade given the decline in auto sales.
The corporate peg is at B+ after yesterday's one-click downgrade.
The Lake Forest-based provider of exhaust and suspension systems, with operations in more than 20 countries, had sales of $6.2 billion in 2007 and $4.7 billion during the first nine months of 2008.
Tenneco closed yesterday at $2.41, down 13 cents in New York Stock Exchange trading. The closing high during the past two years was $37.16 on Aug. 2, 2007.
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