Tyco International Ltd. Ratings Put On CreditWatch Negative After Announcement Of Plan To Split The Company Into Three Sep 11

Standard & Poors, September 2011

Abstract
Switzerland-based diversified industrial company Tyco International Ltd. (Tyco) has announced plans to separate into three independent companies. We are placing all of our ratings on Tyco and its finance subsidiary, Tyco International Finance S.A., including the 'A-' long-term corporate credit rating and senior unsecured debt rating, and the 'A-2' commercial paper rating, on CreditWatch with negative implications. We expect to resolve the CreditWatch after evaluating the business and financial impact of the transaction, financing details, and management's financial policies and capital structure. NEW YORK (Standard & Poor's) Sept. 19, 2011--Standard & Poor's Ratings Services said today that it has placed all of its ratings on Tyco International Ltd. (Tyco) and its finance subsidiary, Tyco International Finance S.A., including the 'A-'...

Companies mentioned in this report are:
- Tyco International Ltd.
- Tyco International Finance S.A.

Action: On CreditWatch:Negative

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.

- Tyco International Ltd.
- Tyco International Finance S.A.

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