S&P: Tyco unaffected

Standard & Poor's said the ratings on Tyco International Ltd. (BBB/stable) are not immediately affected by the announcement that the Bank of New York has served the company with a notice of default for legal action that noteholders took against Tyco, which was disclosed in a 10-K filing.

The notice begins a 90-day cure period, after which the indenture trustee could accelerate repayment of outstanding notes, which is about $4 billion, according to the agency. Tyco continues to dispute the indenture trustee and noteholders' claims that the separation of Tyco into three companies breached bond indentures, S&P said.

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