S&P rates TRW loan BB+

Standard & Poor's said it assigned its BB+ rating to TRW Automotive Inc.'s new $1.9 billion senior secured bank credit facility, with a recovery rating of 3. At the same time, S&P affirmed its BB+ corporate credit rating and all other ratings on the company. The outlook is stable.

S&P also affirmed TRW's BB+ senior secured debt rating and BB- senior unsecured debt and subordinated debt ratings.

Proceeds from the proposed facility will be used to refinance TRW's existing bank loan, with the exception of the recently syndicated $300 million senior secured term loan E, which will remain outstanding.

S&P said the ratings on TRW reflect a somewhat below-average financial profile, characterized by a diminishing but still moderately heavy debt load.

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