Leading global positions in large markets; Significant proportion of revenues derived from stable, recurring services; and Good operating cash flow generation capabilities and relatively stable debt levels for the past three years. Exposure to fragmented, competitive, and cyclical industries; Higher-than-average capital intensity; and Remaining potential contingent liabilities. The ratings on Schaffhausen, Switzerland-based Tyco International Ltd. reflect the company's strong business profile, which benefits from significant business and geographic diversity, material recurring services-oriented revenues, and leading positions in large but fragmented and highly competitive markets that have moderate growth prospects. Tyco's financial profile reflects moderate financial leverage, including off-balance-sheet and remaining contingent liabilities, as well as Standard&Poor's Ratings Services' expectation that Tyco will pursue overall moderate financial policies that
