Summary: Tyco International Ltd.

Standard&Poor's ratings on Tyco International Ltd. and its subsidiaries remain on CreditWatch with negative implications pending resolution of structural subordination concerns. Tyco's recent announcement that it will take pretax charges of $265 million to $325 million and lower earnings guidance will not cause Standard&Poor's to change its ratings on the company or alter its intent to affirm the ratings with a stable outlook if structural subordination concerns are successfully addressed. The concern is that senior unsecured debt at Tyco's various holding companies would be structurally subordinate to claims by direct creditors of Tyco's operating subsidiaries in a bankruptcy. The charges stem from accounting issues identified primarily in the Fire&Security Services business and relate to

Summary