Standard&Poor's ratings on Tyco International Ltd. and its industrial subsidiaries remain on CreditWatch with developing implications following the announcement that Dennis Kozlowski has resigned as Tyco's chairman and CEO and stepped down from the board of directors. John Fort, former chairman and CEO and current board member, will assume primary executive responsibilities on an interim basis. Developing implications means that the ratings could be raised, lowered, or affirmed. Ratings on Tyco could be raised to 'BBB+' if: The planned IPO of commercial finance subsidiary The CIT Group Inc. is successful or CIT is sold to a third party for cash; Tyco uses proceeds to reduce debt; The company expands availability under its bank lines; Tyco appoints a new
