NEW YORK (Standard&Poor's) May 13, 2003--Standard&Poor's Ratings Services said today that it affirmed its 'BBB-'/'A-3' corporate credit ratings on Tyco International Ltd., along with the ratings on its subsidiaries, and removed all ratings from CreditWatch where they had been placed on Feb. 4, 2002. The action follows the establishment of intercompany guarantees that mitigate structural subordination concerns and takes into account Tyco's recent announcement of significant charges and earnings restatements. The current outlook is stable. At the same time, Standard&Poor's said that it assigned its 'BBB-' senior unsecured bank loan rating to Tyco's wholly owned subsidiary, Tyco International Group S.A.'s $1.5 billion senior unsecured 364-day revolving credit facility maturing in January 2004. "The guarantees
