NEW YORK (Standard&Poor's) Nov. 28, 2007--Standard&Poor's Ratings Services said today that the ratings on Tyco International Ltd. (BBB/Stable/--) are not immediately affected by the announcement that the Bank of New York has served the company with a notice of default in conjunction with legal action that noteholders have taken against Tyco, which was disclosed in Tyco's Form 10-K filed yesterday. (The bank is the indenture trustee for bonds originally issued by Tyco International Group S.A.) The notice begins a 90-day cure period, after which the indenture trustee could accelerate repayment of outstanding notes, which currently total about $4 billion. Tyco continues to dispute the indenture trustee's and noteholders' claims that the separation of Tyco into three
