Leading market positions; Good product, customer, and geographic diversity; Good technology, value-added content; and Module and systems supply opportunities. Tough competition; Cyclical demand; Pricing pressures; Limited operating history as an independent entity; and High debt leverage, below-average cash flow protection. The ratings reflect TRW Automotive Acquisition Corp.'s average business profile as a leading provider of automotive systems, combined with a below-average financial profile, characterized by a heavy debt load and subpar cash flow protection. TRW Automotive is one of the world's largest manufacturers of original equipment automotive parts. The company's product lines include active safety systems and components in the areas of braking, steering, and suspension; passive safety systems and components such as inflatable restraints (airbags), seat belts, and steering
