The ratings on Schaffhausen, Switzerland-based Tyco Electronics Group SA reflect its leading market share in the connector industry, good customer diversity, good operating liquidity, and improving profitability and cash flows, as well as indications that conditions in its key served markets have stabilized. The company's continued major reliance on the global auto industry, weak revenues compared to historical levels, and our expectations that the pace of recovery will be tepid all offset those factors. Tyco's revenues declined steeply in the fiscal year ended September 2009, reflecting high exposure to the auto industry and several other cyclical markets. However, sales have been recovering through much of calendar year 2009, and were $2.9 billion in the December 2009 quarter, up 7% sequentially
