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Published on 10/21/2004 in the Prospect News Bank Loan Daily and Prospect News High Yield Daily.

S&P rates TRW Auto loan BB+

Standard & Poor's said it assigned its BB+ rating to the $300 six-year senior secured term loan E of TRW Automotive Inc. and affirmed its BB+ corporate credit rating and all other ratings on the company. A recovery rating of 3 was also assigned to the term loan.

The outlook is stable.

Proceeds from the newly issued term loan E under TRW's existing senior credit agreement, along with cash on hand and existing liquidity arrangements, will be used to repurchase a $493.5 million net amount of a seller note, held at parent company TRW Automotive Intermediate Holdings Corp. (unrated) and issued to an affiliate of Northrop Grumman Corp. (BBB/stable/--) in connection with the 2003 sale of TRW to Blackstone Group LP.

S&P said the ratings on TRW Automotive reflect a somewhat below-average financial profile, characterized by a diminishing, but still moderately heavy, debt load, which more than offsets its average business profile as one of the world's 10 largest manufacturers of original equipment automotive parts.


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