Moody's lifts Tyco to Baa1

Moody's Investors Service said it upgraded the unsecured debt rating for Tyco Electronics Group SA to Baa1 from Baa2 and affirmed the short-term Prime-2 rating.

Tyco Electronics is the primarily debt issuing subsidiary of TE Connectivity Ltd. and directly or indirectly owns all of its operations.

The outlook is stable.

Moody's said the Baa1 rating reflects Tyco Electronics scale and leading positions within the electronic connector industry, strong credit metrics, good liquidity and global and end customer diversification. The strong market positions highlight the integrated relationships Tyco Electronics has with many customers and the critical nature of the products and the relatively high degree of engineering that is involved in their design and manufacture.

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