Moody’s gets tough on Tyco

News

Moody’s took its ratings actions against US company Tyco to a higher level last month when, in the space of five days, it knocked the credit to junk status after a two-notch downgrade. Investigations into possible conflicts of interest among some company directors, and an SEC inquiry into the way Tyco accounted for $30 billion of acquisitions in the 1990s led the rating agency to hammer the diversified industrials company down to Ba2, still under review for possible downgrade.

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