S&P upgrades corporate credit rating on TRW Automotive by 1 notch within junk category
By APFriday, March 12, 2010
S&P upgrades TRW Automotive debt rating by 1 notch
NEW YORK — Standard & Poor’s Ratings Services said Friday it has upgrade its corporate credit rating on TRW Automotive Holdings Corp. by one notch within junk territory.
S&P said TRW had stronger 2009 performance that it expected and it has improved its liquidity.
The rating agency raised its corporate credit rating to “B+” from “B,” leaving it four notches below investment grade.
The agency also said it viewed the company’s business risk profile as weak, reflecting “the company’s narrow market focus” as a major supplier to automakers.
S&P also said TRW had been removed from “Positive” credit watch, given the upgrade, and was now considered “Stable.”
TRW is based in Livonia, Mich. Its shares rose 7 cents to $27.82.
