Tyco International Ltd. has outlined its preliminary post-separation capital structure and dividend objectives, and the business strategy for its remaining commercial security and fire protection business. We are affirming our 'A-' long-term corporate credit ratings on Tyco and its wholly owned finance subsidiary, Tyco International Finance S.A., and removing the ratings from Credit Watch with negative implications. The ratings on the senior unsecured notes remain on CreditWatch, and we could lower them by one notch if we determine that the notes are structurally subordinated to priority liabilities at Tyco's operating companies. The outlook is stable, reflecting our expectation that the company will continue to operate with credit metrics that are commensurate for the rating, including financial leverage of less than
