NEW YORK (Standard&Poor's) June 17, 2003--Standard&Poor's Ratings Services said today that it affirmed its 'BBB-' corporate credit rating and stable outlook on Tyco International Ltd. and related entities. At the same time, Standard&Poor's withdrew its 'BBB-' rating on Tyco International Group S.A.'s (TIGSA) $750 million dealer remarketable securities due 2013, following the company's announcement that it has repurchased all of these securities. At March 31, 2003, Tyco had approximately $25.4 billion in total debt. The ratings affirmation follows the Pembroke, Bermuda-based company's disclosures that: --Tyco intends to restate financial results for fiscal years 1998-2003 in connection with the ongoing review by the SEC, and --The total price paid for repurchasing the dealer notes was
