Standard&Poor's Ratings Services' ratings on Tyco International Ltd. and its subsidiaries remain on CreditWatch with negative implications following the filing of a Form 8-K report detailing improper conduct and the related misuse of company funds by former senior management. Hamilton, Bermuda-based Tyco is a diversified company with total debt of about $26 billion. The report contains findings by Boies, Schiller&Flexner LLP, a firm retained by the corporate governance and nominating committee of Tyco's board of directors to assist the committee in analyzing transactions among Tyco, its subsidiaries, and certain directors and officers. The scope of the Boies firm's assignment also includes investigating the use of company funds and the company's accounting and disclosures. The allegations detailed
