Geographic, business line diversity; Leading positions in large global markets; High proportion of recurring revenues from services; and Good operating cash flow generation capabilities. Exposure to fragmented, competitive, and cyclical industries; High capital intensity in security business; and Moderate financial leverage, including potential contingent liabilities. Standard&Poor's Ratings Services' ratings on Schaffhausen, Switzerland-based Tyco International Ltd. (Tyco) reflect the company's strong business risk profile as a leading global provider of security, safety, and industrial products and services. The ratings also reflect Tyco's intermediate financial profile, marked by disciplined financing policies, moderate debt leverage, and stable cash flow characteristics. The competitive nature of Tyco's end markets, the capital intensiveness of the security business, Tyco's remaining legacy liabilities, and somewhat moderate
