NEW YORK (Standard&Poor's) March 18, 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 pending resolution of structural subordination concerns. Said Standard&Poor's credit analyst Cynthia Werneth, "Tyco's recent announcement that it will take pretax charges of $265 million to $325 million and is lowering earnings guidance will not cause Standard&Poor's to change its ratings on the company or alter its intent to affirm the ratings with a stable outlook if structural subordination concerns are successfully addressed". The charges stem from accounting issues identified primarily in the Fire&Security Services business and relate to
