The rating on Schaffhausen, Switzerland-based Tyco International Ltd. reflect Standard&Poor's Ratings Services' expectation that if the company completes its proposed separation into three separate entities as planned, Tyco will have a strong business risk profile and an intermediate financial profile. The company expects to complete its separation, which remains subject to approval from Tyco's shareholders and IRS ruling, in September 2012. The ratings on Tyco International Finance S.A. (TIFSA)'s senior unsecured notes (guaranteed by parent Tyco International Ltd.) remain on CreditWatch with negative implications, and we could lower them by one notch if we determine that the notes are structurally subordinated to priority liabilities at Tyco's operating companies. We expect to resolve the CreditWatch on the notes when
