Leading market share in connectors, generating stable revenues with modest cyclicality; Leverage that is low for the rating; Strong recurring cash flows; and Restrained engagement in shareholder appreciation initiatives. Exposure to copper pricing that can be difficult to recoup from customers; and Legacy liabilities stemming from the IRS audits of Tyco International Inc., which likely will result in substantial cash settlements. The ratings on Bermuda-based Tyco Electronics Ltd. reflect a satisfactory business profile, grounded in the strong market position of its connector business, and an intermediate financial profile, based on solid cash flow and adjusted debt-protection measures. Primary offsets include exposure to commodity pricing of raw materials--specifically copper--and financial uncertainty resulting from potential additional tax exposure. Tyco Electronics generated $14.4
