Auto supplier TRW's earnings and cash flow for the second and third quarters were better than our expectations, and the company is benefiting from aggressive reductions in its fixed costs. TRW announced an offering of unsecured exchangeable senior notes and stated it is considering other financing involving its unsecured debt and bank debt. We revised the outlook on TRW to positive from stable and affirmed the 'B' corporate credit rating on the company. We also assigned a 'CCC+' issue rating and '6' recovery rating to the exchangeable senior notes. NEW YORK (Standard&Poor's) Nov. 16, 2009--Standard&Poor's Ratings Services today said it has revised its outlook on TRW Automotive Inc. to positive from stable and affirmed the ratings,
