NEW YORK (Standard&Poor's) July 19, 2007--Standard&Poor's Ratings Services said today that its ratings on Livonia, Mich.-based TRW Automotive Inc. (BB+/Stable/A-3) are not immediately affected by recent media reports that TRW may be a potential bidder for Siemens AG's automotive unit VDO. These media reports place potential bid levels at between €10 billion ($13.8 billion) and €12 billion ($16.6 billion). TRW, an auto parts manufacturer, has not commented on these reports. The current rating incorporates expectations of an organic growth strategy by TRW along with some niche acquisitions. While TRW's credit measures are acceptable for the ratings, the current rating has limited room for any large debt-financed acquisitions. Were TRW to make a mostly debt-financed bid for
