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Research Update: Johnson Controls Inc. Proposed Debt Offerings Assigned Various Ratings; 'BBB/A-2' Credit Rating Affirmed; Outlook Stable Mar 09

Description:

Abstract
On March 10, 2009, Standard & Poor's Ratings Services assigned its ratings to Johnson Controls Inc.'s (JCI) proposed debt issuances and its preliminary ratings to the company's new universal shelf registration of an unspecified amount of securities (see list below). At the same time, we affirmed our 'BBB' long-term and 'A-2' short-term corporate credit ratings on the Milwaukee, Wis.-based company. The outlook is stable. We assigned our 'BB+' rating to JCI's proposed $400 million of subordinated notes due 2042 (or as early as 2012, upon a successful remarketing) to be issued as part of $400 million of equity units. At the same time, we assigned our 'BBB' rating to JCI's proposed $100 million senior unsecured convertible notes due Sept. 30,...

Companies mentioned in this report are: Johnson Controls Inc.,York International Corp.,Johnson Controls International NV
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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.

Companies Mentioned

Johnson Controls Inc.,York International Corp.,Johnson Controls International NV

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Research Update: Johnson Controls Inc. Proposed Debt Offerings Assigned Various Ratings; 'BBB/A-2' Credit Rating Affirmed; Outlook Stable Mar 09

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