NEW YORK (Standard&Poor's) Feb. 13, 2003--Standard&Poor's Ratings Services said today that its ratings, including its 'BBB-'/'A-3' corporate credit ratings, on Tyco International Ltd. and its subsidiaries remain on CreditWatch with negative implications, where they were placed on Feb. 4, 2002. Recent refinancing activity--including the issuance of $4.5 billion of convertible debt and the establishment of a $1.5 billion 364-day revolving credit facility--has alleviated liquidity concerns. The company has announced that it intends to execute guarantees relating to certain intercompany debt to address structural subordination concerns. If the guarantees are executed and Standard&Poor's is satisfied that they successfully address these concerns, the ratings are likely to be affirmed. If not, the corporate credit ratings would
