On May 26, 2004, Standard&Poor's Ratings Services raised its corporate credit and senior unsecured ratings to 'BBB' from 'BBB-', as well as other ratings on Pembroke, Bermuda-based Tyco International Ltd., and related subsidiaries debt. (see list below). At the same time, Standard&Poor's raised its short-term corporate credit and commercial paper ratings to 'A-2' from 'A-3'. The outlook is now positive. At March 31, 2004, the global diversified industrial manufacturer had about $20.7 billion in total debt outstanding. The rating actions reflect substantial recent and prospective improvement to Tyco's debt term structure, leverage, free cash flow generation, and access to the capital markets. Driving these ongoing improvements are management's strategies of strengthening operating efficiencies, divesting non-core units,
