NEW YORK (AP) -- Standard & Poor's Ratings Services said Friday that it upgraded TRW Automotive Holdings Corp.'s credit rating by one notch, lifting it back into investment grade. S&P said that the auto parts maker's outlook is stable.
The credit ratings agency upgraded TRW Automotive's rating to "BBB-" from "BB+." That brings its business risk profile to "satisfactory" from "fair," S&P said.
"We expect TRW to continue generating solid earnings and cash flow, with stable credit measures, despite the weak European automotive market and the company's investments for growth," said S&P's credit analyst Nancy Messer in a statement.
A representative from TRW Automotive did not immediately respond to an emailed request for comment.
The Livonia, Mich.-based company supplies automotive parts ranging from airbags to braking systems.
Shares of TRW Automotive rose 83 cents, or 1.2 percent, to $70.82 in afternoon trading Friday. Its shares have traded in a 52-week range of $42.45 to $74.
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