The ratings on Pembroke, Bermuda-based Tyco International Ltd. reflect the company's business profile, which benefits from significant business and geographic diversity, material recurring services-oriented revenues, and leading positions in large but fragmented and highly competitive markets that have moderate growth prospects. Tyco's financial profile is characterized by moderate financial leverage, including off-balance-sheet and remaining contingent liabilities, as well as the expectation that the company will pursue overall moderate financial policies that balance strategic and shareholder-friendly priorities while maintaining credit measures. Tyco's largest business segment is security (ADT Worldwide), which, together with the fire protection business, accounts for more than half of the company's total revenues. The security business benefits from a leading position in the $30 billion global residential and
