NEW YORK (Standard&Poor's) Feb. 4, 2002--Standard&Poor's today lowered its ratings on Tyco International Ltd. and its industrial subsidiaries (see list below) and placed them on CreditWatch with developing implications following the company's announcement that it intends to borrow under its $5.9 billion credit facilities ($3.9 billion maturing February 2003 and $2 billion February 2006) to repurchase its $4.5 billion commercial paper at its scheduled maturities. To date, these credit facilities had been used exclusively to back-up commercial paper (see related article on Tyco Capital Corp.). Developing implications means that ratings could be raised, lowered, or affirmed. Standard&Poor's believes that the company's decision to draw down these facilities indicates the company's uncertainty regarding its continued
