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 designs and manufactures active and passive safety-related products. TRW's satisfactory business profile reflects the diversity of its geographic exposure, product platforms, and customers, which helps reduce earnings and cash flow volatility. TRW had $3.2 billion in total balance-sheet debt outstanding as of Dec. 31, 2007. Global sales to General Motors Corp. and Ford Motor Co. accounted for only 25% of TRW's consolidated revenues in 2007, with its largest customer at 17% of 2007 sales. The company generated
