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S&P: TRW on watch
Standard & Poor's said it placed its ratings on TRW Automotive Inc. on Creditwatch with negative implications.
The Creditwatch reflects the rapidly weakening outlook for light-vehicle production in Europe, TRW's largest market, and ongoing challenges in an already weak North American market, S&P said.
The company said it expects a loss in the third quarter, including restructuring charges while it also withdrew its full-year 2008 sales and earnings guidance, citing lower future production in Europe and North America and increased commodity costs, according to the agency.
Although TRW's credit profile, including liquidity, has been consistent with the current rating, the agency said it believes the outlook for the U.S., and particularly European, auto markets is increasingly grim.
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