On Jan. 13, 2006, Standard&Poor's Ratings Services said that its 'BBB+' corporate credit rating and senior unsecured debt ratings on Pembroke, Bermuda-based Tyco International Ltd. and its subsidiaries remain on CreditWatch with negative implications. Tyco's 'A-2' commercial paper rating also remains on CreditWatch. At Sept. 30, 2005, the diversified industrial manufacturer had approximately $14.9 billion of total debt outstanding. The CreditWatch update follows the company's announcement that it intends to separate its current business portfolio into three companies--health care, electronics, and a group we refer to as "industrial co.," which includes fire and security and engineered products and services--through tax-free stock dividends to shareholders. Tyco has stated that its existing debt is expected to be assigned to the
