The ratings on Schaffhausen, Switzerland-based Tyco International Ltd. reflect the company's strong 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 reflects moderate financial leverage, including off-balance-sheet and remaining contingent liabilities, as well as Standard&Poor's Ratings Services' expectation that Tyco will pursue overall moderate financial policies that balance strategic and shareholder-friendly priorities, while maintaining credit measures. Tyco's industrial portfolio is diversified across regions (international sales account for more than 50% of revenues) and a number of sectors. The security (ADT Worldwide), Fire Protection, Safety, and the Electrical and Metals Products segments are exposed to
