Switzerland-based diversified industrial company Tyco International Ltd. (Tyco) has announced plans to separate into three independent companies. We are placing all of our ratings on Tyco and its finance subsidiary, Tyco International Finance S.A., including the 'A-' long-term corporate credit rating and senior unsecured debt rating, and the 'A-2' commercial paper rating, on CreditWatch with negative implications. We expect to resolve the CreditWatch after evaluating the business and financial impact of the transaction, financing details, and management's financial policies and capital structure. On Sept. 19, 2011, Standard&Poor's Ratings Services placed all of its ratings on Tyco International Ltd. (Tyco) and its finance subsidiary, Tyco International Finance S.A., including the 'A-' long-term corporate credit rating, senior unsecured debt ratings,
