Moody's: TRW outlook negative

Moody's Investors Service said it affirmed TRW Automotive, Inc.'s corporate family and probability-of-default ratings at Ba2, senior secured bank credit facilities rating at Baa3 (LGD2, 17%) and senior unsecured notes rating at Ba3 (LGD5, 72%).

The outlook was revised to negative from stable.

Ratings consider the company's position as a leading supplier, business profile, diversified revenue base and investment in new safety product technologies, the agency said.

Debt levels remain high and continue to pressure the company's interest coverage measures, Moody's said. For the 12 months ending Sept. 30, the issuer's debt-to-EBITDA ratio was about 4.1 times.

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