Standard&Poor's Ratings Services' ratings, including its 'BBB-' corporate credit rating, on Tyco International Ltd. and its subsidiaries remain on CreditWatch with negative implications. Hamilton, Bermuda-based Tyco is a diversified company with total debt of about $26 billion. Standard&Poor's believes that reports regarding a planned bankruptcy filing by Tyco are unfounded and the company hosted a teleconference on July 25th to strongly refute this rumor. The same day, Tyco announced the appointment of Edward Breen, former president and chief operating officer of Motorola Inc., as chairman and chief executive officer. Standard&Poor's views the appointment of Mr. Breen,who is generally well-regarded, as a positive development. Tyco began the quarter with more than $7 billion in cash
