NEW YORK (Standard&Poor's) May 15, 2007--Standard&Poor's Ratings Services said today that its 'BBB+' long-term and 'A-2' short-term corporate credit ratings on Tyco International Ltd. remain on CreditWatch with negative implications following the announcement that the company had entered into an agreement to settle most of its securities class action lawsuits for a cash amount of $2.975 billion. The settlement is subject to court approval and the participation of plaintiffs that hold a significant percentage of Tyco shares in the class. On April 24, 2007, Standard&Poor's indicated that, following the successful spin-off of the healthcare and electronic businesses, the long-term corporate credit rating would be lowered by one notch to 'BBB' with a stable outlook.
