Leading market position in active and passive auto safety products. Fair product and geographic diversity across the globe. Good technology and value-added content. Susceptible to weakness in Europe, especially if it is more severe than expected. Highly cyclical and competitive markets. Somewhat concentrated customer base. Low leverage that we expect to remain under 2x. Free cash flow generation expected even if auto demand does not improve substantially. Higher capital spending to further expand in emerging markets. Exposure to volatile commodity prices. The positive rating outlook reflects our view that a one-third chance exists that we could raise the corporate credit rating on TRW to the investment-grade level within the next year. We believe an upgrade is feasible, given our expectation
