We have developed a methane sulfonic acid (MSA) based ternary electrolytic bath for co-deposition of the eutectic Sn-Ag-Cu films. The bath contains thiourea (TU), which functioned as an effective chelating agent in controlling the bath stability as well as the elemental and microstructural properties of the deposited film. A study of the bath behaviour at TU concentrations in the range 0.06-0.2 M is undertaken with the help of elemental and microstructure analysis, cyclic voltammetry (CV) and impedance analysis. The deposited films have close to eutectic composition with slightly higher Cu content for all the TU concentrations. On the other hand, the microstructure is found to be increasingly refined with increasing TU content. The CV and impedance analysis confirm chelation of Ag and Cu with TU and absence of such chelation with Sn ions. It also indicates close deposition potentials for each metal ion. Impedance analysis specifically reveals presence of an adsorbed insulating film on cathode surface, contributed by MSA or water. It also reveals competitive deposition between the insulating film and metal ions.