Fitch: TRW unaffected

Fitch Ratings said TRW Automotive Holdings Corp.'s ratings are not affected by announced transactions that resulted in a net share repurchase of $55 million, include the issuance of 6.7 million shares of common stock for $155 million and the simultaneous repurchase of common share held by Northrop Grumman for $210 million.

TRW has a BB issuer default rating, BB+ senior secured bank line rating, BB- senior unsecured note rating, B+ senior subordinated unsecured note rating and a stable outlook.

Fitch said TRW's existing $369 million cash portfolio and positive cash flow provide adequate liquidity to absorb the transactions.

However the agency views the timing of the stock repurchase as less than optimal, given the decline in fourth-quarter domestic original equipment makers' production schedules and the stresses in the automotive supply industry.

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