Standard&Poor's ratings on Tyco International Ltd. (BBB-/Watch Neg/A-3) and its industrial subsidiaries remain on CreditWatch with negative implications following the news that Tyco has received SEC approval to launch the IPO of commercial finance subsidiary The CIT Group Inc. Standard&Poor's plans to issue an update regarding its ratings on CIT shortly. The ratings on Tyco incorporate expectations that this transaction will close in about a month and that substantially all proceeds will be used for debt reduction. If so, concerns regarding the company's liquidity--the primary reason the ratings remain on CreditWatch--would diminish. If it does not, ratings would likely be lowered. If Tyco does not sell CIT, it would have to seek alternative financing to meet
