Leading position as the largest global provider of fire safety and commercial security products and services, Good geographic and customer diversity, Significant base of recurring revenues, and Profitability in line with sector peers Exposure to commercial construction cycles; Competitive and fragmented industry; Contingent liabilities. The rating on Schaffhausen, Switzerland-based Tyco International Ltd. reflect Standard&Poor's Ratings Services' expectation that if the company completes its proposed separation into three separate entities as planned, Tyco will have a strong business risk profile and an intermediate financial profile. The company expects to complete its separation, which remains subject to approval from Tyco's shareholders and IRS ruling, in September 2012. The ratings on Tyco International Finance S.A. (TIFSA)'s senior unsecured notes (guaranteed by
