Tiger Woods is set for another "downscale"

Yet another sponsor is attempting to limit it's exposure to the fallout from Tiger Woods' extramarital affairs. Luxury Swiss watchmaker Tag Heuer, a subsidiary of luxury goods giant LVMH Moet Hennessy Louis Vuitton (EPA:MC), will reduce the use of Woods' image for the foreseeable future in certain markets.

Although the company says that it is making the move out of respect for Tiger's request for privacy, there can be little doubt that the move is being made to distance itself from Woods' tarnished image.

Tag Heuer is at least the third sponsor to either distance itself from the superstar golfer or to cut ties with Woods altogether.

Consulting firm Accenture (NYSE: ACN) dropped Woods, claiming that he was "no longer the right representative" for the firm.

Shaving Products maker Gillette, a division of the Procter & Gamble Co. (NYSE: PG), said that it will no longer air ads featuring Woods.

Telecommunications firm AT&T (NYSE: ATT) said that it is evaluating it's relationship with Woods.

The one sponsor offering it's full support to Woods is sportswear and equipment maker Nike (NYSE: NKE).

In response to questions about Woods, Nike Chairman and founder Phil Knight recently said "I think he's been really great" and that Wood's indiscretions would be a "minor blip" in Woods' career.

Nike's support may be due to the fact that Nike has invested more in the Woods brand than any other sponsor.