NEW YORK (Standard&Poor's) Aug. 2, 2002--Standard&Poor's Ratings Service 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 announced resignations of the CFO and General Counsel. Both executives are expected to continue in their positions until replacements are found. After last week's appointment of a new CEO, this development is not unexpected. Standard&Poor's does not believe the resignations should impede debt refinancing. Hamilton, Bermuda-based Tyco is a diversified company with total debt of about $26 billion. Tyco began the quarter with more than $7 billion in cash, following the recent IPO of its commercial finance subsidiary.
