Tyco International Ltd. has filed an SEC registration statement for ADT Corp., its North American residential security business that it intends to spin off, and has outlined a preliminary capital structure for that entity. Our 'A-' long-term corporate credit and senior unsecured issue ratings on Tyco and its wholly owned finance subsidiary, Tyco International Finance S.A., remain on CreditWatch with negative implications. At the same time, we are affirming the 'A-2' short-term and commercial paper ratings and removing them from CreditWatch because we believe that a downgrade of more than two notches, while possible, is now unlikely. We expect to further update the CreditWatch when Tyco discloses its post-separation capital structure and allocation of contingent liabilities. The ratings may remain
