Johnson Controls Inc. 'BBB+/A-2' Ratings Affirmed, Outlook Revised To Stable; Proposed $1.5 Billion Notes Rated 'BBB+' Feb 11
- ID: 2085769
- February 2011
- Standard & Poors
Milwaukee, Wis.-based global auto supplier Johnson Controls Inc. (JCI) has announced its intent to issue $1.5 billion in senior notes in three tranches. We are affirming our 'BBB+/A-2' corporate credit and issue-level ratings on JCI and revising the outlook to stable. At the same time, we are assigning our 'BBB+' issue-level rating to its proposed debt. We revised the outlook to stable, reflecting our belief that JCI's ability to sustain funds from operations (FFO) to total debt at 60% or more will not occur until sometime in fiscal 2013, which is later than we had previously assumed. NEW YORK (Standard & Poor's) Feb. 1, 2011--Standard & Poor's Ratings Services said today that it has revised its outlook on Johnson Controls...
Companies mentioned in this report are: Johnson Controls Inc.,Tyco International Ltd.,Johnson Controls International NV
Action: New Rating
Action: Outlook: Stable
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