Bermuda-based Tyco International Ltd's 'BBB+' corporate credit rating and all other ratings remain on CreditWatch with negative implications, where they were placed on Nov. 16, 2005, following Tyco's announcement that the company would consider a full range of options to unlock shareholder value. On Jan. 13, 2006, Tyco announced that its board of directors had approved a plan to separate Tyco International into three independent, publicly-traded companies: one for the healthcare businesses (Covidien); one for the electronics businesses (Tyco Electronics); and one for the fire and security and engineered products and services businesses (Tyco International). On April 24, 2007, Standard&Poor's said that following the completion of the forthcoming refinancing of Tyco's balance sheet debt and the spin-off transaction,
