NEW YORK (Standard & Poor's) Aug. 24, 2005--Standard & Poor's Ratings Services said today that it placed its 'A' corporate credit rating and its other ratings on Milwaukee, Wis.-based Johnson Controls Inc. on CreditWatch with negative implications following Johnson's announcement that it intends to purchase 'BBB-' rated York International Corp. The ratings on York, Pa.-based York were placed on CreditWatch with positive implications. Johnson Controls, a manufacturer of automotive components and building control systems, has total debt of about $2.9 billion. York, a manufacturer and servicer of heating and cooling equipment, has total debt of about $930 million, which Johnson Controls is expected to assume. The transaction is expected to close by the end of calendar 2005. The $3.2 billion...
Companies mentioned in this report are: Johnson Controls Inc.
Action: On CreditWatch:Negative
Action: On CreditWatch:Positive
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