Ratings on Pembroke, Bermuda-based Tyco International Ltd. and its subsidiaries remain on CreditWatch with negative implications, where they were first placed on Nov. 15, 2005, and will remain on CreditWatch pending completion of our review in late 2006 or early 2007. The CreditWatch update followed the company's disclosure at its fiscal 2005 fourth quarter earnings call that the firm was considering a full range of possibilities to unlock shareholder value. Subsequently, on Jan. 13, 2006, Tyco announced plans to separate its current business portfolio into three companies--health care, electronics, and a group we refer to as "industrial co.," which includes fire and security and engineered products and services--through tax-free stock dividends to shareholders. Tyco has stated that its existing $10
