Originally published Tuesday, June 30, 2009 at 12:37 PM
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Fitch downgrades TRW Automotive
Fitch Ratings on Tuesday lowered its issuer default rating on TRW Automotive Inc. and its parent company, TRW Automotive Holdings Corp., to B- from B on concerns about continued weakness in the auto market.
Fitch Ratings on Tuesday lowered its issuer default rating on TRW Automotive Inc. and its parent company, TRW Automotive Holdings Corp., to B- from B on concerns about continued weakness in the auto market.
The credit ratings agency also cut other ratings for the automotive components unit, including lowering its senior secured revolving credit facility to B+/RR2 from BB-/RR2.
Fitch said all ratings for the company remain on negative watch, where they were placed in December of 2008. It cited the uncertainty of the post-bankruptcy markets for General Motors and Chrysler, which account for nearly a quarter of TRW's global sales, and declining auto sales overseas.
The rating agency also said there are concerns the global automotive downturn will cause TRW's credit profile to deteriorate more than previously anticipated.
Fitch said approximately $4 billion of debt is covered by the ratings.
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