NEW YORK (Standard&Poor's) Nov. 18, 2013--Standard&Poor's Ratings Services today assigned its 'BBB-' issue rating to TRW Automotive Inc.'s (TRW's) proposed $400 million senior unsecured notes maturing in 2023. The 'BBB-' corporate credit rating on TRW remains unchanged. The outlook remains stable. The company's proposed notes (absent near-term debt reduction) will raise its debt to EBITDA to 1.6x at year-end 2013, by our estimate, compared to 1.4x, which remains within our expectations for the rating. Our ratings assume TRW will maintain its moderate financial policy, which has led to strong credit measures. We do not view the proposed debt issuance as a change in financial policy that would favor significant leverage. TRW's liquidity remains strong and the
