NEW YORK, Jan 29 (Reuters) - Fitch on Thursday raised TRW Automotive Holdings Corp.'s indicative debt ratings, assuming the company completes its scheduled initial public offering, citing the company's reducing its quantity of debt relative to equity.
Fitch Ratings said it was upgrading TRW Automotive's indicative ratings for senior notes to "BB-minus," its third highest junk rating, from "B-plus." For senior subordinated notes, Fitch upgraded TRW Automotive to "B-plus," its fourth highest rating, from "B." For senior secured bank debt, Fitch upgraded TRW to "BB-plus," its highest junk rating, from "BB."
About $3.3 billion of debt is affected by these moves, Fitch said.