S&P assigns TRW Automotive notes BB-

Standard & Poor's said it assigned its BB- rating to TRW Automotive Inc.'s proposed senior unsecured notes.

The notes rank equally with all of TRW's existing and future senior unsecured indebtedness and will be subordinated to all TRW's existing and future senior secured indebtedness, the agency added.

At the same time, S&P said it affirmed its ratings on TRW Automotive, including its BB+ long- and A-3 short-term corporate credit ratings.

The outlook is stable.

S&P noted that the refinancing is expected to lower TRW's interest expense and modestly extend maturities, adding that the ratings on TRW reflect the company's aggressive financial profile, which is characterized by a somewhat heavy debt load, although this has been declining.

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