NEW YORK (Standard&Poor's) March 29, 2012--Standard&Poor's Ratings Services said today that its ratings on Tyco International Ltd. (A-/Watch Neg/A-2) are not immediately affected by the company's announcement that it has reached a definitive agreement to combine its Flow Control business with Pentair Inc. (BBB-/Watch Pos/--) in a tax-free, all-stock merger. Tyco expects it will complete its previously announced spin-off of Flow Control and ADT North America in September 2012 and that Flow Control will immediately thereafter merge with Pentair. Our ratings on Tyco remain on CreditWatch with negative implications, where we had first placed them on Sept. 19, 2011. We expect to update the CreditWatch after Tyco discloses its post-separation capital structure and outlines how it
