NEW YORK (Standard&Poor's) July 26, 2002--Standard&Poor's Ratings Services said today that its ratings, including its triple-'B'-minus corporate credit rating, on Tyco International Ltd. and its subsidiaries remain on CreditWatch with negative implications following the company's recent earnings announcement, appointment of a new CEO, and denial of bankruptcy rumors. Hamilton, Bermuda-based Tyco is a diversified company with total debt of about $26 billion. "Standard&Poor's believes that reports regarding a planned bankruptcy filing by Tyco are unfounded", said Standard&Poor's credit analyst Cynthia Werneth, "and the company strongly refuted this rumor during the teleconference it hosted on July 25th". The same day, Tyco announced the appointment of Edward Breen, former president and chief operating officer
