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Non-Tech : Tyco International Limited (TYC) -- Ignore unavailable to you. Want to Upgrade?

To: James Calladine who wrote (3426)	6/20/2002 11:39:14 PM
From: Bob Rudd	Respond to of 3770

With both GE and TYC, there's a substantial financing sub distorting the debt picture. Finance operations prudently run with debt levels that would be huge red flags at industrial companies. If the credit culture is ok [tough to judge from the outside], this is ok, if not things get ugly fast. When CIT is spun, we'll have a clearer picture of what the industrial co looks like debtwise. I agree with you about the increased vulnerability to and impact of debt downgrades.