On Jan. 28, 2003, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Milwaukee, Wis.-based Johnson Controls Inc. to 'A' from 'A-' and the short-term corporate credit rating on the company to 'A-1' from 'A-2', reflecting its solid financial profile and strong operating performance during the past two years despite difficult industry conditions. The outlook is stable. The company has total debt of about $2.5 billion. Johnson Controls is a leading provider of automotive components and systems and building control devices. The automotive parts industry has been very challenging in recent years due to reduced and erratic production schedules during the last quarter of 2000 and much of 2001, intensified pricing pressure from customers struggling to improve...
Companies mentioned in this report are: Johnson Controls Inc.,Hoover Universal Inc.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.