NEW YORK (Standard&Poor's) April 25, 2002--Standard&Poor's said today that its ratings on diversified company Tyco International Ltd., including its triple-'B' and 'A-3' corporate credit ratings as well as those of its industrial subsidiaries remain on CreditWatch with developing implications following a series of announcements by Tyco. Hamilton, Bermuda-based Tyco is no longer pursuing a break-up of the company or selling its plastics division. However, Tyco does plan to divest 100% of its ownership interest in commercial finance arm, The CIT Group Inc., via an IPO. Tyco also said that it is reducing its earnings and free cash flow estimates for this fiscal year and is taking pre-tax charges totaling $3.3 billion primarily for writedowns in its
