The 'BBB-' corporate credit ratings on Tyco International Ltd. and its industrial subsidiaries remain on CreditWatch with negative implications following the completion of the IPO of Tyco's commercial finance subsidiary, the CIT Group Inc. Hamilton, Bermuda-based Tyco is a diversified company with total debt of about $26 billion. The IPO is an important step in strengthening Tyco's liquidity. Management intends to use IPO proceeds totaling $4.6 billion, together with a significant portion of cash balances (between $2.5 billion and $3.0 billion currently) to reduce debt. During the next 18 months, the company will have public and bank debt maturities totaling about $6.8 billion, plus the potential "put" of two zero-coupon debt issues totaling about $5.9 billion. (Tyco has the option
