NEW YORK (Standard&Poor's) Nov. 17, 2003--Standard&Poor's Ratings Services said today that it revised its outlook on TRW Automotive Inc. to positive from stable following the company's announcement that it plans to sell $350 million of equity and use the proceeds to reduce debt. The 'BB' corporate credit rating on Livonia, Mich.-based TRW was affirmed. The company, one of the world's 10 largest manufacturers of original equipment automotive parts, had total debt (including the present value of operating leases) of about $3.5 billion on Sept. 26, 2003. The equity offering will modestly reduce TRW's debt leverage and improve cash flow protection, although the company's credit statistics will remain below average. The equity offering will accelerate the expected
