S&P Puts TRW Ratings on Negative CreditWatch

Analyst Lisa Jenkins says TRW ratings are expected to be lowered if the company is acquired by lower-rated Northrop Grumman

On Feb. 22, Standard & Poor's placed its BBB corporate credit rating on TRW Inc. on CreditWatch with negative implications following Northrop Grumman Corp.'s announcement that is offering to acquire Cleveland, Ohio-based TRW in an equity transaction valued at $47 per TRW share, or $11 billion (including $5 billion of assumed debt.) TRW has said that its board will study the proposal.

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