While we recognize that end-market cyclicality and global trade tensions create some operational uncertainty, TE Connectivity Ltd. maintains a strong presence in automotive end markets (approximately 45% of revenues). We expect automotive production softness to continue affecting the company's operational performance in fiscal 2019, although we believe the company has displayed some signs that its automotive business will outperform global auto production thanks to growing electric content. In addition, we expect the company's local manufacturing strategies to mitigate trade and tariff-related impacts. We believe TE Connectivity is the largest global electronic component supplier by revenues. The top three global suppliers (TE Connectivity, Amphenol Corp. [BBB+/Stable/A-2], and Molex Electronic Technologies [BBB/Stable/--]) hold about one-third of global share. We believe the market
