Leading connector market share; Currently low leverage for the rating; and Historically good free cash flows. Exposure to auto and consumer electronics industries; Legacy tax liabilities; and Challenging broad market conditions. The ratings on Schaffhausen, Switzerland-based Tyco Electronics Group SA reflect its leading market share in the connector industry, good customer diversity, good operating liquidity, and improving profitability and cash flows, as well as indications that conditions in its key served markets have stabilized. The company's continued major reliance on the global auto industry, weak revenues compared to historical levels, and our expectations that the pace of recovery will be tepid all offset those factors. Tyco's revenues declined steeply in the fiscal year ended September 2009, reflecting high exposure to
