German automotive component supplier ZF Friedrichshafen AG (ZF) has reached a definite agreement to acquire U.S.-based auto component supplier TRW Automotive for €9.6 billion, plus the assumption of TRW's debt, in a fully debt-funded transaction. As a result, we are placing all of our ratings on TRW Automotive Inc., including our 'BBB-' corporate credit rating, on CreditWatch with negative implications. The CreditWatch negative placement reflects our expectation that we will equalize the ratings on TRW with our ratings on ZF when the transaction closes since we expect the combined entity to be less creditworthy than TRW's stand-alone operations under its existing capital structure. On April 13, 2015, Standard&Poor's Ratings Services placed all of its ratings on TRW Automotive
