The ratings on Schaffhausen, Switzerland-based Tyco International Ltd. reflect the company's strong business risk profile as a leading global provider of security, safety, and industrial products and services. The ratings also reflect Tyco's intermediate financial profile, marked by disciplined financing policies, moderate debt leverage, and stable cash flow characteristics. The competitive nature of Tyco's end markets, the capital intensiveness of the security business, Tyco's remaining legacy liabilities, and its limited current capacity for higher leverage at the 'A-' rating partially temper these factors. Tyco's industrial portfolio is diversified across regions and a number of sectors. The security (ADT Worldwide), fire protection, safety, and the electrical and metal products segments are exposed to trends in global residential and commercial construction activity
