The ratings on Schaffhausen, Switzerland-based Tyco International Ltd. reflect the company's strong business risk profile and its intermediate financial risk profile, under Standard&Poor's Ratings Services' criteria. We placed our ratings on the company, including the 'A-' corporate credit rating, on CreditWatch with negative implications on Sept. 19, 2011, following the announcement that Tyco plans to separate into three independent companies. Tyco intends to spin off both its ADT North American residential security business and its flow control business and would retain the commercial security and fire-protection businesses. The proposed separation is subject to various conditions, including tax rulings and approval by Tyco's shareholders; the company expects to complete the separation during the third quarter of 2012. At this
