EXHIBIT 99.1

For Immediate Release:

                                
Contact:  Media:                   Investors:
         Maryanne Kane             Jack Blackstock
         (212) 424-1300            (212) 424-1344



         TYCO CAPITAL ANNOUNCES INITIATIVES TO PREPARE FOR INDEPENDENCE
--COMPANY TO ESTABLISH NEW FUNDING VEHICLES, INSTITUTE ENHANCED INDENTURES, AND
                           RETURN TO THE CIT BRAND--

    LIVINGSTON, NJ, FEBRUARY 4, 2002--Tyco Capital Corporation, the financial
services subsidiary of Tyco International Ltd. (NYSE: TYC, LSE: TYI, BSX: TYC),
announced several significant initiatives, in concert with Tyco International's
announcement today to repurchase its commercial paper, designed to strengthen
its financial position and prepare the company to serve its customers as an
independent public company. Specifically, Tyco Capital is:

    - Establishing new securitization facilities that provide access to capital
      totaling approximately $3 billion. The proceeds will be used to reduce
      commercial paper borrowings. These facilities, together with Tyco
      Capital's existing $8.5 billion bank credit facilities, provide coverage
      significantly in excess of 100% of the company's outstanding commercial
      paper; and

    - Establishing a dealer group for the company's commercial paper program to
      enhance liquidity for the company's commercial paper investors; and

    - Amending all of its existing public debt indentures to include the
      following provisions:

       --  Prohibit extension of loans and payment of dividends to Tyco
           International;

       --  Restrict the purchase of assets from Tyco International; and

       --  Limit other intercompany arrangements; and

    - Accelerating the timetable for the full distribution to shareholders of
      the remainder of Tyco Capital to approximately 45 days following its
      initial public offering; and

    - Returning to its historical CIT brand and identity, a name associated with
      excellence in commercial finance since 1908.

    "These initiatives further reinforce our commitment to the company's various
investor constituencies and significantly strengthen our financial position,"
said Albert R. Gamper, Jr., President and CEO of Tyco Capital. "Our conservative
credit culture and diversified portfolio, along with our most recent quarterly
financial results, underscore the company's solid fundamentals."

    The company plans to hold a fixed income investor conference call today,
February 4, 2002 at 1:00 pm (EST). The call is open to the general public. The
conference call is available at the following numbers:

       United States: 800-230-1059             International: 612-288-0318

    No confirmation or access code is required for the call. A replay of the
call can be accessed 90 minutes after completion by calling: U.S. 800-475-6701
or International 320-365-3844, enter passcode 626734. The replay is available
until midnight, February 11, 2002.

ABOUT TYCO CAPITAL

    The Tyco Capital family of companies are subsidiaries of Tyco
International Ltd. Tyco Capital is a leading, global source of financing and
leasing capital and advisor for companies in more than 30 industries. Managing
$50 billion in assets across a diversified portfolio, Tyco Capital empowers many
of today's industry leaders and emerging businesses offering vendor, equipment,
factoring, consumer, and

structured financing capabilities. Tyco Capital operates in the United States
and Canada with strategic locations in Europe, Latin and South America, and the
Pacific Rim.

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    THIS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING OF THE
    PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. THESE STATEMENTS ARE BASED
    ON MANAGEMENT'S CURRENT EXPECTATIONS AND ARE SUBJECT TO RISKS, UNCERTAINTY
    AND CHANGES IN CIRCUMSTANCES. ACTUAL RESULTS MAY VARY MATERIALLY FROM THE
    EXPECTATIONS CONTAINED IN THE FORWARD-LOOKING STATEMENTS. ALL STATEMENTS
    CONTAINED IN THIS RELEASE THAT ARE NOT CLEARLY HISTORICAL IN NATURE ARE
    FORWARD-LOOKING, AND THE WORDS "ANTICIPATE," "BELIEVE," "EXPECT,"
    "ESTIMATE," "PLAN," AND SIMILAR EXPRESSIONS ARE GENERALLY INTENDED TO
    IDENTIFY FORWARD-LOOKING STATEMENTS. THE FOLLOWING FACTORS, AMONG OTHERS,
    COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE DESCRIBED IN THE
    FORWARD-LOOKING STATEMENTS: ECONOMIC, BUSINESS, COMPETITIVE AND REGULATORY
    FACTORS AFFECTING TYCO'S AND TYCO CAPITAL'S BUSINESSES AND THE EXECUTION OF
    ITS PLAN; AND OTHER FACTORS DESCRIBED IN TYCO'S AND TYCO CAPITAL'S ANNUAL
    REPORT ON FORM 10-K FOR THE YEAR ENDED SEPTEMBER 30, 2001.