NEW YORK (Standard&Poor's) June 29, 2007--Standard&Poor's Ratings Services lowered its ratings on Tyco International Ltd., including its corporate credit rating to 'BBB' from 'BBB+'. At the same time, Standard&Poor's removed the ratings from CreditWatch, where they were listed with negative implications on Nov. 16, 2005. The rating actions follow today's implementation of the spin-off of the electronics and healthcare businesses into standalone companies (Tyco Electronics Ltd and Covidien Ltd, respectively). Standard&Poor's also assigned its 'BBB' rating to Tyco International Finance S.A. (TIFSA), a wholly owned subsidiary of Tyco and the primary issuer of its funded debt. TIFSA's outstanding debt includes approximately $3.7 billion of bonds and approximately $675 million drawn under the
