On Sept 16, 2008, Standard&Poor's Ratings Services raised its ratings on Tyco International Ltd. (Tyco) and subsidiary Tyco International Finance S.A. (TIFSA), including raising the long-term corporate credit rating on Tyco to 'BBB+' from 'BBB'. The ratings were removed from CreditWatch, where they were placed with positive implications on Aug. 22, 2008. We affirmed TIFSA's 'A-2' commercial paper rating. At the same time, we assigned preliminary ratings to Tyco and TIFSA's new mixed shelf registration: The senior unsecured debt in the shelf registration has been assigned a 'BBB+' preliminary rating and the subordinated debt has been assigned a 'BBB' preliminary rating. The outlook is positive. The upgrade reflects Tyco's improved operating performance, progress made toward addressing its legacy
