The improvement in U.S. connector manufacturer TEL's operating trends are likely to be sustained, based on recent order patterns and backlogs. Credit protection measures have improved and are likely to remain at current levels or better. We are raising our corporate credit rating on the company to 'BBB' from 'BBB-' and removing it from CreditWatch. In addition, we are raising TEL's commercial paper rating to 'A-2' from 'A-3'. The positive outlook reflects the prospect that TEL's EBITDA generation could continue to expand, resulting in stronger credit protection measures. On Sept. 24, 2010, Standard&Poor's Ratings Services raised its corporate credit rating on Tyco Electronics Ltd. (TEL) to 'BBB' from 'BBB-'. At the same time, we are removing the ratings
