S&P ups Tyco

Standard & Poor's said it raised the long-term corporate credit rating on Tyco International Ltd. and its senior unsecured ratings on its wholly owned subsidiary, Tyco International Finance SA, to A- from BBB+. The ratings were removed from CreditWatch, where they were placed in January with positive implications. The agency also said it affirmed its A-2 short-term rating and commercial paper ratings.

The outlook is stable.

The upgrade reflects an opinion that despite some weakening during the economic downturn, Tyco maintained its credit measures at levels considered adequate for the A- rating, S&P said, and should continue to do so.

The agency said it expects Tyco will pursue future external growth and shareholder initiatives in a way that will preserve credit measures.

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