NEW YORK (Standard&Poor's) July 11, 2014--Standard&Poor's Ratings Services said today that its ratings on Livonia, Mich.-based TRW Automotive Inc., including the 'BBB-' corporate credit rating, are not affected by the company's announcement that it has received an unsolicited proposal of acquisition. We understand that the proposal was sent by Germany-based ZF Friedrichshafen AG, which is privately held by a charitable foundation. There is significant uncertainty around the likelihood of an agreement being executed between the two parties. At this stage of what is being termed a proposal, we do not know what the possible capital structure of the combined company would look like or how the transaction would be financed. At the same time, we understand
