TSC Ratings' Updates: Autoliv

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The following ratings changes were generated on July 25.

Autoliv(ALV) through its subsidiaries, develops, manufactures and supplies automotive safety systems to automotive industry. ALV has been downgraded to hold.

The company's second quarter fiscal year 2008 revenue rose 10% year over year to $1.91 billion, driven by acquisition and favorable currency gains. Product-wise, airbag revenue spurred 7% to $1.21 billion, contributed by 9% growth from favorable currency translations. Sales from seat belt products spiked 16% to $700.30 million, due to 12% growth from favorable currency translations and 2% from AIN-acquisition. Furthermore, sales from Europe, Japan and the rest of World surged 15%, 28% and 25%, respectively.