Leading market positions; Good product, customer, and geographic diversity; and Good technology, value-added content. Tough competition; Cyclical demand; Pricing pressures; and Aggressive leverage. The ratings on Livonia, Mich.-based TRW Automotive Inc. reflect the company's aggressive financial profile, which is characterized by a somewhat heavy debt load, though this has been declining. The debt load offsets the company's satisfactory business position as one of the world's 10 largest manufacturers of original equipment automotive parts. The business position reflects the leading market shares of most company products, TRW's strong technical capabilities, its moderate growth prospects, and the diversity of its revenues within the automotive industry. The company's portfolio is divided between mature products with limited growth potential and new products with above-average
