Switzerland-based Tyco International Ltd. has completed the separation of its North American residential security and its flow control businesses. We are affirming our 'A-' long-term and 'A-2' short-term corporate ratings on Tyco and wholly owned finance subsidiary Tyco International Finance S.A. (TIFSA). We are lowering our issue-level ratings on Tyco's and TIFSA's senior unsecured notes to 'BBB+' from 'A-', one notch below the corporate credit rating, and are removing the ratings on these notes from CreditWatch with negative implications. The outlook is stable, reflecting our expectation that the company will calibrate its acquisition and shareholder returns spending to its cash flow generation, such that leverage remain at about 2x, consistent with our expectations for the rating. On Oct. 3, 2012,
