NEW YORK (Standard&Poor's) Aug. 11, 2009--Standard&Poor's Ratings Services said today that its ratings and outlook on TRW Automotive Inc. (B/Negative/--) would likely be unaffected by the company's recently announced intention to issue up to 16.1 million shares of common equity. Still, we view the issuance as a positive credit development because we expect the company to use the net proceeds, estimated at $250 million or better, to reduce debt. In our view, TRW's prospective earnings and cash flow performance remain the more important variables for any improvement in credit quality. With adjusted debt of $3.8 billion as of July 3, 2009, and weak EBITDA because of the ongoing global recession, the company's pension and lease-adjusted leverage
