On Dec. 22, 2003, Standard&Poor's Ratings Services assigned its 'BB' rating, the same level as the corporate credit rating, to TRW Automotive Inc.'s (TRW) amended and restated senior secured bank credit facility. A recovery rating of '3' was also assigned, indicating meaningful recovery of principal (50%-80%) in a post-default scenario. At the same time, Standard&Poor's placed the 'BB' ratings and all other ratings on TRW on CreditWatch with positive implications. The ratings will remain on CreditWatch pending completion of the bank credit transaction and completion of parent company TRW Automotive Holdings Corp. (Holdings)'s $805 million common stock offering (including an over-allotment option), to be raised in an IPO, of which about $331 million of net proceeds
