U.S. diversified industrial company Tyco International PLC announced that it has entered into a definitive merger agreement to combine with Johnson Controls Inc. Therefore, we are placing our 'A-' corporate credit rating on Tyco on CreditWatch with negative implications. At the same time, we are placing our 'BBB+' issue-level ratings on Tyco's unsecured debt on CreditWatch with developing implications. Additionally, we are affirming our 'A-2' short-term rating on the company. We will resolve the CreditWatch placement when further information is available and we can analyze the combined entity's business and financial risk profiles. (Watch the related CreditMatters TV segment titled, "The Proposed Tyco – Johnson Controls Merger Triggers Standard&Poor?s CreditWatch Actions," dated Jan. 28, 2016.) On Jan. 25,
