Fitch affirms TRW

Fitch Ratings said it affirmed the issuer default ratings of TRW Automotive Holdings Corp. and TRW Automotive Inc. at BB. The agency also affirmed the latter's senior secured revolving credit facility, senior secured term loan A facility and senior secured term loan B facility at BB+ and its senior unsecured notes at BB-.

The outlook is stable.

The agency said the ratings reflect TRW's relatively diverse customer base, global manufacturing presence, technology-driven products, healthy liquidity, a substantial book of business outside North America and continued healthy demand for safety-related products.

Rating concerns include debt levels, margin pressures from price competition and raw materials, customers' production volumes, the potential for increased capital expenditures as customers reduce product cycle times and the risk of work stoppages due to a financially stressed base of suppliers other than TRW, Fitch said.

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