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Bulletin: Tyco International Ltd. Ratings Unaffected By Announcement Of Stock Repurchase
Standard & Poors, April 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
NEW YORK (Standard & Poor's) April 28, 2011--Standard & Poor's Ratings Services said today that Tyco International Ltd.'s (Tyco; A-/Stable/A-2) announcement that its board of directors has authorized the repurchase of up to $1 billion of common stock does not affect the company's ratings or outlook. We do not believe the announcement signals a leveraging event. We expect that the company will pursue future shareholder initiatives in a way that will continue to preserve its credit measures, as well as its flexibility for acquisitions and for the resolution of its remaining legacy liabilities. While Tyco's recent share repurchase activity has been somewhat elevated--totaling about $1 billion over the past six months--the company has funded this with consistent free cash flow...
Companies mentioned in this report are: Tyco International Ltd.
Action: Bulletin
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