Auto supplier TRW has been aggressively cutting costs and recently issued equity to pay down debt. We revised the outlook on TRW Automotive Inc. to stable from negative. We also affirmed the 'B' corporate credit rating on the company. On Aug. 17, 2009, Standard&Poor's Ratings Services revised its outlook on TRW Automotive Inc. to stable from negative and affirmed the ratings, including the 'B' corporate credit rating. The outlook revision follows our analysis of the company's intermediate-term financial prospects in light of its better-than-expected second-quarter earnings, which benefited from aggressive fixed-cost reductions. We believe some portion of the cost reductions will continue to benefit cash flow generation, even when auto production increases in North America and Europe. The
