Leading market positions; Good product, customer, and geographic diversity; and Good technology and 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, characterized by a somewhat heavy debt load, which offsets the company's satisfactory business position 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 $3.2 billion in total balance-sheet debt outstanding as of Dec. 31, 2007. Global sales to General Motors Corp. and Ford
