NEW YORK (Standard&Poor's) June 10, 2009--On June 9, 2009, Tyco Electronics Ltd. (BBB-/Negative/A-3) announced plans to repurchase up to $350 million principal amount of the outstanding senior notes of its principal operating subsidiary, Tyco Electronics Group S.A., through tender offers for three series of senior notes. Standard&Poor's Ratings Services said that the repurchase will not affect its corporate credit rating and negative outlook. Tyco had about $1.4 billion in cash at March 31, 2009, pro forma for the recent sale of its wireless systems business to Harris Corp. (BBB+/Stable/A-2). Pembroke, Bermuda-based Tyco's recently depressed operating performance reflects its substantial reliance on the automotive industry, where recovery prospects remain uncertain. The repurchase would reduce Tyco's funded debt
