NEW YORK (Bloomberg) — Tyco Electronics, one of two units to be spun off from Bermuda-based Tyco International Ltd., was assigned a BBB corporate rating by Standard & Poor's Ratings Services, while it received a Baa2 rating from Moody's Investors Service.Tyco's health-care division, which will become an independent company called Covidien Ltd., was assigned an A- rating by S&P and Baa1 by Moody's.

Tyco Electronics, with $12.8 billion in revenue in the year ending in September, should have about $3.9 billion in debt, including operating leases and pension liabilities, Standard & Poor's said yesterday in a statement.

Covidien should have about $8.7 billion in equity and $3.2 billion in debt initially, S&P said.

Tyco, the world's biggest maker of electronic connectors and security systems, will keep its BBB+ rating from S&P and its Baa1 rating from Moody's, the ratings companies said in their statements. The spin-offs should be completed by the end of the second quarter, later than originally planned, Tyco said last week.

The remaining security and fire-safety company should assume about 27 percent of potential shareholder litigation and tax liabilities, the electronics company 31 percent and Covidien 42 percent, S&P said.

Shares of Tyco fell 15 cents to $32.33 at 4.30 p.m. EST in New York Stock Exchange composite trading and have gained 22 percent in the past year.