Livonia, Mich.-based TRW Automotive Inc. announced it has reached a definitive agreement with Germany-based ZF Friedrichshafen AG (unrated; privately held) to be acquired in a largely debt-funded transaction valued at $12.4 billion. We are affirming our ratings on TRW, including our 'BBB-' corporate credit rating and other ratings on the company. The stable outlook reflects our belief that it is likely TRW's debt will be redeemed upon closing of the proposed ZF transaction. On Sept. 22, 2014, Standard&Poor's Ratings Services affirmed its ratings, including the 'BBB-' corporate credit rating and other ratings, on TRW Automotive Inc. The ratings affirmation reflects our expectation that the company will repay its rated debt upon closing of the transaction. Based on preliminary
