Johnson Controls' New $350 Mil. and $250 Mil. Senior Unsecured Notes Rated 'A-', Rtgs Affirmed Nov 01

  • ID: 2086507
  • November 2001
  • Standard & Poors
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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

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Research type: News
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Johnson Controls Inc.,Hoover Universal Inc.

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