Tenneco Inc. has reached an agreement to acquire Federal-Mogul LLC from Icahn Enterprises L.P. In our view, after the transaction, the combined company will have significantly lower leverage and a stronger business. We are therefore placing our 'B-' long-term ratings on Federal-Mogul LLC and its debt on CreditWatch with positive implications. We expect to resolve the CreditWatch at the close of the transaction, which we understand is likely to occur in the second half of 2018. On April 10, 2018, S&P Global Ratings placed its 'B-' long-term corporate credit and issue ratings on Federal-Mogul LLC and the company's debt on CreditWatch with positive implications. The CreditWatch placement follows Tenneco's announcement to acquire Federal-Mogul. Federal-Mogul is being acquired from Icahn Enterprises
