Standard&Poor's said today that Tyco International Ltd.'s (A/Stable/A-1) planned acquisition of unrated Paragon Trade Brands Inc. for $650 million in cash (including the assumption of net debt and the call of all Paragon's outstanding warrants) will not affect Standard&Poor's ratings or outlook on Tyco. The acquisition of this supplier of infant disposable diapers and other absorbent personal care products expands Tyco's existing private label business and provides a platform for growth in emerging markets. In addition, there should be meaningful cost savings opportunities.