NEW YORK (Standard&Poor's CreditWire) Jan. 20, 2000--Standard&Poor's today affirmed its ratings on Tyco International Ltd. and related entities (see list below). The outlook is negative. The affirmations follow Tyco's announcements that: -- The company plans to build and operate its own global undersea fiber-optic communications network, and -- Its board of directors has authorized share repurchases of up to an additional $2 billion. These initiatives will be financed with the planned sale of Tyco's automobile auction business for $1 billion in cash and an IPO of up to 20% of the company's undersea fiber-optic cable business. Owning and operating its own undersea cable network heightens Tyco's business risk somewhat. Although this business could potentially be more
