Geographic, business line diversity; Many leading positions in large markets; and Good operating cash flow generation capabilities. Exposure to fragmented, competitive, and cyclical industries; High capital intensity; and Moderate financial leverage, including 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 with 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 balance strategic and shareholder-friendly priorities, while maintaining credit measures. Tyco's industrial portfolio is
