The ratings on Milwaukee, Wis.-based Johnson Controls Inc. (JCI) reflect its strong global market position, as all of its major businesses are among the top three in their respective markets. The ratings also reflect the company's good business diversity, its consistently solid profitability despite challenging industry conditions, and its intermediate financial risk profile. JCI is one of the world's largest providers of automotive interior components (51% of fiscal 2007 revenue); building control systems and heating, ventilation, and air conditioning (HVAC) equipment (37%); and automotive batteries (12%). The company had $4.4 billion of total balance sheet debt as of Sept. 30, 2007. JCI generates most of its automotive interiors revenue from the original equipment sector, where business conditions are very challenging...
Companies mentioned in this report are: Johnson Controls Inc.
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