Johnson Controls' New $350 Mil. and $250 Mil. Senior Unsecured Notes Rated 'A-', Rtgs Affirmed Nov 01
- ID: 2086507
- November 2001
- Standard & Poors
NEW YORK (Standard & Poor's) Nov. 8, 2001--Standard & Poor's today assigned its single-'A'-minus ratings to Johnson Controls Inc.'s $350 million senior notes due 2006 and its $250 million senior notes due 2003. All existing ratings on the company are affirmed (see list below). The outlook is stable. Total debt as of Sept. 29, 2001, was about $1.7 billion. Proceeds from the debt issues will be used to refinance short-term debt associated with the recent acquisitions of Hoppecke Automotive GmbH & Co. and the automotive electronics business of Sagem SA. The ratings reflect Johnson Controls' leading positions in the automotive supply and building controls industries, and its moderate financial profile. Johnson Controls' automotive group accounts for 75% of total company...
Companies mentioned in this report are: Johnson Controls Inc.,Hoover Universal Inc.
Action: New Rating
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.