S&P cuts TRW Automotive

Standard & Poor's said it has lowered its ratings on TRW Automotive Inc., including the corporate credit rating, which was lowered to BB from BB+.

The ratings were also removed from Creditwatch, where they had been placed with negative implications on Oct. 7, the agency added.

The outlook is negative.

"The downgrade reflects its view that auto industry difficulties this year will pressure TRW's revenues, EBITDA, and cash generation," said S&P credit analyst Nancy Messer, "making it unlikely that TRW would be able to maintain credit measures appropriate for the previous rating."

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