The ratings on Bermuda-based Tyco International Ltd. reflect an above-average business profile, moderate financial policies, and management's proven ability to successfully integrate large acquisitions. Tyco is a diversified company with leading positions in electronics, disposable healthcare and specialty products, fire and security services, telecommunications, and commercial finance. Willingness to issue equity to finance some acquisitions, such as the recent acquisitions of The CIT Group Inc. and Sensormatic Electronics Corp. and the planned acquisition of medical products manufacturer C.R. Bard Inc., bolsters credit quality, as does the broad portfolio of discrete businesses. This portfolio cushions Tyco against the operating and financial risks associated with its aggressive acquisition program. Most of Tyco's businesses enjoy attractive growth rates and a number of them
