S&P: TRW unchanged

Standard & Poor's said its ratings on TRW Automotive Inc. (BB+/stable/A-3) are not immediately affected by recent media reports that TRW may be a potential bidder for Siemens AG's automotive unit VDO.

According to the agency, these media reports place potential bid levels at between €10 billion and €12 billion.

S&P noted that the current rating incorporates expectations of an organic growth strategy by TRW along with some niche acquisitions.

While TRW's credit measures are acceptable for the ratings, the agency said that the current rating has limited room for any large debt-financed acquisitions.

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