Johnson Controls Inc. Feb 12

Standard & Poors, February 2012

Abstract
Industry-leading market positions; Good end-market, vehicle platform, and geographic diversity; and Good customer diversity in battery and building services segments Below-average profitability for the rating category; Cyclical demand; Strong, well-positioned competitors; Concentrated automotive customer base with strong purchasing power; and Growth plans that exceed internal funding capabilities The ratings on Milwaukee, Wis.-based Johnson Controls Inc. (JCI) reflect its "satisfactory" business risk profile and "intermediate" financial risk profile (as Standard & Poor's Ratings Services' criteria define the terms). We previously assessed JCI's financial risk as "modest." We reassessed this designation in light of the company's emphasis on growth, the inability to internally generate the financing of such growth, and the concomitant increase in debt. JCI is a major manufacturer of automobile...

Companies mentioned in this report are: Johnson Controls Inc.,York International Corp.,Tyco International Ltd.,Johnson Controls International NV
Action: Review

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: Full Analysis

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

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