The ratings on Hamilton, Bermuda-based Tyco International Ltd. reflect an above-average business profile and moderate financial policies. Tyco is a diversified company with leading positions in electronics, disposable healthcare and specialty products, fire and security services, flow control, and telecommunications. Tyco recently expanded its portfolio of businesses when it acquired The CIT Group Inc., the leading independent domestic commercial finance company in a $10 billion transaction that was mostly equity-financed. Tyco's business profile has strengthened steadily, and the company now has leading positions in a number of major industries. Although the company is growing aggressively via acquisitions, management has produced strong internal growth and demonstrated its ability to successfully integrate large acquisitions. Moreover, the company's aggressive growth has been financed
