...NEW YORK (Standard & Poor's) Oct. 14, 2014--Standard & Poor's Ratings Services today said that its ratings on Tyco International Ltd. (Tyco; A-/Stable/A-2) and Tyco International Finance S.A. (TIFSA; A-/Stable/--), Tyco's wholly owned finance subsidiary, are not immediately affected by the company's announcement that it will fund trusts for the resolution and payment of current and future asbestos claims. We believe that Tyco has sufficient cash on hand to contribute to these trusts and that this will largely resolve these legacy matters. Tyco will contribute $325 million cash to fund a 524(g) trust under the U.S. Bankruptcy Code for relief against claims stemming from their Yarway Corp. Additionally, the company is revising its valuation for its other asbestos claims, primarily related to Grinnell LLC. The company will extend its valuation for these other potential asbestos-related claims through 2056. Based on this new estimate, the company will contribute $275 million to a qualified...
