The ratings on Livonia, Mich.-based TRW Automotive Inc. reflect the company's aggressive financial profile, characterized by a somewhat heavy debt load, which largely offsets the company's satisfactory business profile 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 $3.1 billion in total balance-sheet debt as of June 27, 2008. Combined sales to the challenged Michigan-based automakers in North America accounted for 22% of TRW's consolidated revenues in 2007. TRW's largest customer, Volkswagen, provided 17% of 2007 sales. The company generates nearly
