Moody's confirms TRW

Moody's Investors Service said it confirmed TRW Automotive, Inc.'s probability of default ratings at Caa1.

In a related action, the agency said that TRW's corporate family rating was lowered to Caa2 from Caa1 and the ratings for the senior secured credit facilities were lowered to B2 from B1.

The ratings of the guaranteed senior unsecured notes were confirmed at Caa2, Moody's noted, adding that the speculative-grade liquidity rating is affirmed at SGL-4.

The outlook is negative.

According to the agency, TRW's Caa1 probability of default rating continues to reflect Moody's expectations of significantly weaker operating performance and credit metrics over the intermediate term resulting from weak automotive production levels in North America and Europe.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.