NEW YORK (Standard&Poor's) Feb. 25, 2013--Standard&Poor's Ratings Services is assigning its 'BB' issue rating (one notch below the corporate credit rating) and '5' recovery rating to TRW Automotive Inc.'s proposed $400 million senior unsecured notes maturing in 2021. The recovery rating on the unsecured debt indicates that we believe lenders would receive modest (10% to 30%) recovery of principal in the event of a default. The 'BB+' corporate credit rating on TRW remains unchanged. The outlook remains positive. The proposed notes (absent near-term debt reduction), add about 30 basis points to leverage, bringing it to 1.5x, which remains within our expectations for the rating. Our ratings assume TRW will maintain its moderate financial policy, which has
