On May 13, 2003, Standard&Poor's Ratings Services affirmed its ratings on Tyco International Ltd. (Tyco) and its subsidiaries and removed them from CreditWatch where they had been placed on Feb. 4, 2002 (see list below). The action followed the satisfactory execution of intercompany guarantees that mitigate structural subordination concerns and takes into account the company's recent announcement of significant charges and earnings restatements. The rating and outlook incorporate little tolerance for adverse developments relative to the ongoing contingencies facing Tyco. Operating subsidiaries holding about two-thirds of Tyco's tangible assets will provide guarantees of intercompany debt, strengthening holding companies' claims on operating companies assets and reducing the risk that senior unsecured debt at Tyco's various holding companies would be
