Standard&Poor's ratings on Tyco International Ltd. and its industrial subsidiaries remain on CreditWatch with developing implications following the announcement that Dennis Kozlowski has resigned as Tyco's chairman and CEO and stepped down from the board of directors. John Fort, former chairman and CEO and current board member, will assume primary executive responsibilities on an interim basis. Kozlowski's resignation is reportedly for personal reasons, and no other senior management changes are expected. Developing implications means that ratings could be raised, lowered, or affirmed. Ratings on Tyco could be raised to triple-'B'-plus if: The planned IPO of CIT is successful or CIT is sold to a third party for cash; Tyco uses proceeds to reduce debt; The company expands availability
