NEW YORK (Standard&Poor's) June 3, 2002--Standard&Poor's said today that its ratings on Tyco International Ltd. and its industrial subsidiaries as well as those of commercial finance subsidiary The CIT Group Inc., remain on CreditWatch with developing implications following the company's announcement that Dennis Kozlowski has resigned as chairman and CEO and stepped down from the board of directors. John Fort, a former Tyco chairman and CEO and current board member, will assume primary executive responsibilities on an interim basis. Kozlowski's resignation is reportedly for personal reasons, and no other senior management changes are expected. Developing implications means that ratings could be raised, lowered, or affirmed. The ratings on Tyco could be raised to triple-'B'-plus if: The
