NEW YORK (Standard&Poor's) Oct. 1, 2012--Standard&Poor's Ratings Services is assigning its 'BBB' issue rating (two notches above the corporate credit rating) and '1' recovery rating to TRW Automotive Inc.'s new $1.4 billion senior secured revolving credit facility maturing Sept. 28, 2017. This facility replaces the company's existing $1 billion revolver due 2014. At the same time, Standard&Poor's said it lowered its rating on TRW's unsecured debt to 'BB' from 'BB+' because of the increased level of secured debt we assume would be outstanding under the new revolver in our simulated default scenario. We revised the recovery rating on the unsecured debt to '5', indicating that we believe lenders would receive modest (10% to 30%)
