On Feb. 20, 2009, Standard&Poor's Ratings Services lowered its ratings on Livonia, Mich.-based TRW Automotive Inc., including the corporate credit rating, which we lowered to 'B+' from 'BB'. The outlook is negative. The downgrade reflects our view that the deteriorating automotive production in most markets globally will cause significant worsening in TRW's credit profile during 2009. We expect light-vehicle sales to decline about 22% in North America this year, to 10.3 million units, and TRW now expects auto production to decline 20% in Europe during 2009. Vehicle sales in Latin America and Asia have also begun to deteriorate. These declines will put pressure on TRW's revenues and profitability, making it unlikely that the company would have been able
