Tyco Credit Rating Raised

S&P cites improvements to Tyco's debt term structure, leverage, free cash flow, and access to capital markets

On May 26, 2004, Standard & Poor's Ratings Services raised its corporate credit and senior unsecured ratings to 'BBB' from 'BBB-', as well as other ratings on Pembroke, Bermuda-based Tyco International (TYC ), and related subsidiaries' debt. At the same time, Standard & Poor's raised its short-term corporate credit and commercial paper ratings to 'A-2' from 'A-3'. The outlook is now positive. At March 31, 2004, the global diversified industrial manufacturer had about $20.7 billion in total debt outstanding.

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