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It's still Tiger Time as far as TAG Heuer is concerned.

The prestigious watchmaker has clarified Friday's reports that it had dropped Tiger Woods as a "brand ambassador" in the wake of his adultery scandals.

In a statement to, TAG Heuer President and CEO Jean-Christoph Babin says, "the partnership with Tiger Woods will continue." With some temporary modifications, that is.

"We will downscale the use of his image in certain markets for a period of time, depending on his decision about returning to professional golf," Babin explains.

The decision to "downscale" was made out of "respect" for Woods' "privacy" at this time. "We will continue to actively support the Tiger Woods Foundation," Babin adds.

Currently on hiatus from his professional golf career, Woods, 33, signed on with TAG Heuer in 2002. The timepiece maker notes that its relationship with the troubled athlete "has always been extremely professional and productive."

Global consulting firm Accenture felt differently about Woods. The company announced Dec. 13 that it was cutting all ties with the golfer, noting that he was "no longer the right representative" after the "circumstances of the last two weeks." Woods served as an Accenture pitchman for the last six years, appearing in the company's "Go ahead, be a Tiger" ad campaign.

He's still solid with Nike, however. The athletic shoe company's chairman and co-founder Phil Knight recently said Woods' affairs were "a minor blip."