Moody's affirms Global Power

Moody's Investors Service said it affirmed Global Power Equipment Group Inc.'s B2 corporate family rating and B2 rating on its $60 million senior secured revolving credit facility due 2014.

Moody's also said it withdrew the Caa1 rating on the term loan following its repayment in entirety.

The outlook remains stable.

The company recently announced that it repaid its $24.6 million term loan using balance sheet cash, Moody's said.

The ratings reflect an expectation that the company will maintain adequate liquidity to support operations until conditions improve in key power generation end markets, the agency said.

Order backlog has improved in the cyclical products segment during 2010 and this is expected to support operating performance in late 2011 and 2012, Moody's said.

The ratings also consider its modest scale, exposure to highly cyclical power generation end markets and relatively high customer concentration, the agency added.Moody's ups TRW

Moody's Investors Service said it raised TRW Automotive, Inc.'s corporate family and probability of default ratings to Ba2 from B1, along with the ratings on $1.256 billion combined senior secured domestic and global revolving credit facilities to Baa2 (LGD 1, 4%) from Ba1 (LGD 1, 7%); $500 million senior unsecured notes due 2014 to Ba2 (LGD 4, 56%) from B2 (LGD 4, 60%); €275 million senior unsecured notes due 2014 to Ba2 (LGD 4 56%) from B2 (LGD 4, 60%); $600 million senior unsecured notes due 2017 to Ba2 (LGD 4, 56%) from B2 (LGD 4, 60%); and $250 million senior unsecured notes due 2017 to Ba2 (LGD 4, 56%) from B2 (LGD 4, 60%).

The speculative grade liquidity rating was affirmed at SGL-2.

The outlook is stable.

The company's $259 million of exchangeable notes are not rated by the agency.

The upgrade acknowledges the significant improvement in the company's operating performance and credit metrics due to the cyclical recovery in automotive demand and structural changes that the company has made in its business, Moody's said.

Automotive demand is expected to show further growth as the economy strengthens, the agency said, and TRW is well positioned to benefit from higher rates of auto production.

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