Livonia, Mich.-based auto supplier TRW Automotive Inc. reported stronger 2009 financial results than we had expected. TRW also has executed various capital market transactions that have improved liquidity, and it has lowered leverage through a combination of reduced debt and higher EBITDA. We are raising the corporate credit rating on TRW to 'B+' from 'B' and are raising the debt ratings. We also have removed the ratings from CreditWatch, where they were listed with positive implications on Feb. 26, 2010. The outlook is stable, reflecting our belief that the company's midterm financial prospects can support the higher rating. On March 12, 2010, Standard&Poor's Ratings Services raised its corporate credit rating on Livonia, Mich.-based auto supplier TRW Automotive Inc.
