On Aug. 22, 2008, Standard&Poor's Ratings Services placed its ratings, including its 'BBB' long-term corporate credit rating, on Tyco International Ltd. and subsidiary Tyco International Finance SA (TIFSA), on CreditWatch with positive implications. At the same time, we affirmed TIFSA's 'A-2' commercial paper rating, which is not being placed on CreditWatch. The CreditWatch listing reflects the possibility that Tyco's improved balance sheet and operating performance could support a higher rating, subject to a review of the company's financial policies. We intend to review Tyco's financial policies to determine whether these would be consistent with a one-notch upgrade and we will address in the outlook whether we expect further upside potential over the intermediate term. The current ratings on
