The outlook for parts supplier Tenneco has been lifted to positive by ratings agency Moody’s Investor Services on the back of commercial vehicle launches expected later this year.
Tenneco’s role in helping vehicle makers meet emissions regulations will help boost revenues and a recovery in commercial vehicle demand is also expected towards the end of this year and the early part of 2011.
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Last month, Tenneco reported a fourth-quarter profit as it reaped the benefit of cost-cutting and higher sales for the first time in nearly two years.
Moody’s rates Tenneco, which makes shock absorbers, suspensions and manifolds, at B3, which is still six notches into junk territory.
Last month, Standard & Poor’s Ratings Services and Fitch Ratings each upgraded Tenneco by one notch, and both assigned a positive outlook on the ratings. S&P ranks Tenneco at B – one notch above Moody’s – while Fitch’s rating is two notches higher.
Tenneco’s shares are up 36% this year, trading at a round US$24 from an all-time low of under US$1 last March.
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