NEW YORK -- Standard & Poor's on Thursday upgraded its ratings on TRW Automotive Inc., after the parts company successfully completed an initial public offering of common stock and reduced debt.
TRW Automotive, which has about $2.8 billion of total outstanding debt, completed an initial public offering earlier this week.
The company has also amended and restated a bank credit facility, S&P said. With completing both transactions, the company has reduced debt by about $530 million, S&P said.
Standard & Poor's upgraded TRW Automotive's corporate credit rating to "BB-plus," its highest junk rating, from "BB."