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Tuesday, September 16, 2008
S&P Ups Tyco International Ratings On Performance
Wallace Witkowski
MarketWatch Pulse
SAN FRANCISCO -- Standard & Poor's on Tuesday raised its ratings on Tyco International Ltd. and subsidiary Tyco International Finance SA based on the firm's improved performance. S&P raised its long-term corporate credit rating on Tyco to BBB+ from BBB. The outlook is positive. "The upgrade reflects Tyco's improved operating performance, progress made toward addressing its legacy litigations, as well as our expectation that the company's moderate financial policies should result in relatively stable debt levels and credit metrics over the next few years, which supports the higher rating," said Gregoire Buet, an S&P credit analyst, in a statement.
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If you've seen TV footage of an active trading pit, you've probably noticed the atmosphere is uproarious and wild. The reason for all the shouting? Open outcry.
On exchange floors that use the open-outcry system, traders shout prices they want to sell while others yell back the price they want to buy at. They also use hand gestures to communicate with each other.
This system has been used for a long time, but is being replaced with modern technology. Some argue electronic exchanges can do the job faster and more accurately. One of the few exchanges that continue to use open outcry is the New York Mercantile Exchange.
