On April 30, 2009, Standard&Poor's Ratings Services placed its ratings on TRW Automotive Inc. and five other North American auto suppliers on CreditWatch with negative implications following Chrysler LLC's filing for Chapter 11 bankruptcy protection in the United States. The other auto suppliers are Johnson Controls Inc., Magna International Inc., Harman International Industries Inc., Stoneridge Inc., and Shiloh Industries Inc. The CreditWatch listings reflect the multiple scenarios--almost all of them negative--that could play out over the next few months despite the government's efforts to maintain a smooth postpetition operation of Chrysler and minimize the duration of the bankruptcy. We expect Chrysler's filing to result in lower vehicle production in the near term, even compared to what we believe
