On April 27, 2007, Standard&Poor's Ratings Services assigned its bank loan and recovery ratings to TRW Automotive Inc.'s proposed $2.5 billion senior secured credit facilities. The credit facilities were rated 'BBB-' (one notch higher than the corporate credit rating) with a recovery rating of '1', indicating a high expectation for full recovery of principal in the event of a payment default. At the same time, Standard&Poor's affirmed its ratings on the auto supplier, including its 'BB+' long- and 'A-3' short-term corporate credit ratings. The outlook is stable. TRW had $3.2 billion in total balance sheet debt outstanding, pro forma for the proposed credit facility refinancing and recent unsecured debt refinancing, at Dec. 31, 2006. To lower
