NEW YORK (Standard&Poor's) Oct. 25, 2002--Standard&Poor's Ratings Services said today that its triple-'B'-minus long-term corporate credit and 'A-3' short-term ratings on Tyco International Ltd. and its subsidiaries remain on CreditWatch with negative implications following the company's announcement of fiscal fourth quarter earnings. Hamilton, Bermuda-based Tyco is a diversified company with total debt of about $24 billion. Earnings, which continue to be depressed by economic weakness, largely reflected in the electronics business, included impairment and restructuring charges, most of which had previously been announced, a minor restatement of the previous three quarters' earnings, and a $400 million noncash charge for increased pension liabilities. The company remains in compliance with bank loan covenants and is in discussions with
