On Feb. 5, 2004, Standard&Poor's Ratings raised all of its ratings on TRW Automotive Inc. (TRW), including the corporate credit rating, to 'BB+' from 'BB', and removed them from CreditWatch where they were placed on Dec. 22, 2003, pending completion of an IPO and an amended and restated bank credit facility. With the completion of both transactions, TRW has reduced debt by about $530 million, strengthening its financial profile. Pro forma debt (including the capitalization of operating leases; excluding a $372 million subordinated note held at the holding company) to EBITDA stands at about 2.8x. Total outstanding debt is about $2.8 billion. The outlook is stable. The ratings on Livonia, Mich.-based TRW reflect a somewhat-below-average financial profile, characterized
