Strong position in global fire and security industry; Significant recurring revenues from service and monitoring contracts Significant scale advantage and balanced geographic diversity Highly fragmented and price-competitive markets Exposure to commercial construction and spending cycles in retail and oil and gas sectors Modest leverage, tempered by contingent liabilities Expected steady cash flow generation Stated acquisition and shareholder return objectives that could exceed annual free cash flow Unresolved tax liabilities Standard&Poor's Ratings Services' rating outlook on Tyco International PLC is stable, reflecting its steady end-market performance. We expect Tyco to generate free cash flow generation of $700 million or more annually and sustain adjusted debt leverage (which includes $500 million in additional debt related to potential contingent liabilities) below
