The rating on Livonia, Mich.-based automotive product producer and supplier TRW Automotive Inc. reflects Standard&Poor's Ratings Services' assessment of TRW's financial risk profile as intermediate and its business risk profile as weak. The intermediate financial risk profile reflects the company's conservative financial policy, which has led to permanent debt reduction using consistent, positive discretionary cash flow. TRW's profits and cash flow in the first half of 2011 benefited from the continuing recovery in global auto markets, even though auto sales were mixed in its key European market, because the company significantly cut costs during the economic downturn that had reduced its breakeven level of sales in North America and Europe. The rating also reflects the company's attention to
