Standard&Poor's on June 7, 2002, lowered its long-term ratings on building materials maker Tyco International Ltd. and its industrial subsidiaries. The short-term ratings are unchanged. All the ratings remain on CreditWatch, where they were placed on Feb. 4, 2002, with developing implications. The CreditWatch implications are now changed to negative. Hamilton, Bermuda-based Tyco is a diversified company with total debt of about $27 billion. Ratings were lowered due to the following: Continued erosion in management credibility and investor confidence following the indictment of former CEO Dennis Kozlowski on tax evasion charges and the related ongoing investigation by the Manhattan District Attorney; Heightened refinancing risk. Standard&Poor's is concerned about the company's ability to access capital markets or
