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Johnson Controls Inc. Ratings Placed On Watch Negative, York International On Watch Positive Aug 05 Product Image

Johnson Controls Inc. Ratings Placed On Watch Negative, York International On Watch Positive Aug 05

  • ID: 2086381
  • August 2005
  • Region: Global
  • Standard & Poors

Abstract
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

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.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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