Bermuda-based Tyco International Finance SA's (TIFSA) $1 billion commercial paper programme has been assigned an 'A-2' rating by Standard & Poor's (S&P) Ratings Services.

S&P said the ratings reflect the company's strong business profile - which includes certain leading market positions, along with product, market, and geographic diversity and substantial recurring service-oriented revenues - and intermediate financial profile, which includes moderate financial leverage.

TIFSA is a wholly-owned subsidiary of Tyco International Ltd. and rated BBB with a stable outlook, which fully guarantees all of TIFSA's CP issuance. Also TIFSA's CP is backed up by the company's $1.25 billion revolving credit facility.

• Fitch Ratings assigned an 'F2' rating to a new $1 billion private placement commercial paper programme implemented by Tyco International Finance SA.

Fitch said the ratings reflect its belief that Tyco will continue to maintain solid financial measures in support of its operating and financial strategies.