The ratings on Bermuda-based Tyco Electronics Ltd. reflect a satisfactory business profile, grounded in the strong market position of its connector business, and an intermediate financial profile, based on solid cash flow and adjusted debt-protection measures. Primary offsets include exposure to commodity pricing of raw materials--specifically copper--and financial uncertainty resulting from potential additional tax exposure. Tyco Electronics generated $14.4 billion in net revenues for the 12 months ended March 2008. Operations include four segments: Electronic Components, Network Solutions, Wireless Systems, and Undersea Telecommunications. The operations are dominated by Electronic Components, accounting for about 75% of net revenues. The company has about $5 billion of adjusted debt outstanding, including its portion of legacy tax settlements estimated at about $1 billion, operating
