The ratings on Livonia, Mich.-based TRW Automotive Inc. reflect the company's aggressive financial profile, characterized by a somewhat heavy debt load, which offsets the company's satisfactory business position as one of the world's 10 largest manufacturers of original equipment (OE) automotive parts. TRW's satisfactory business profile reflects the diversity of its geographic exposure, product platforms, and customers, which helps to reduce earnings and cash flow volatility. TRW had $3 billion in total balance sheet debt outstanding at June 29, 2007. Blackstone Group lowered its holdings of TRW stock to 46.4% of total outstanding, from 56.4%, in June 2007. Global sales to automakers General Motors Corp. and Ford Motor Co. accounted for only 26% of TRW's consolidated revenues in 2006, and
