Research Update: Johnson Controls Inc. 'BBB+/A-2' Ratings Affirmed, Outlook Revised To Stable; Proposed $1.5 Billion Notes Rated 'BBB+' Feb 11

Standard & Poors, February 2011

Abstract
Milwaukee, Wis.-based global auto supplier Johnson Controls Inc. (JCI) has announced its intent to issue $1.5 billion in senior notes in three tranches. We are affirming our 'BBB+/A-2' corporate credit and issue-level ratings on JCI and revising the outlook to stable. At the same time, we are assigning our 'BBB+' issue-level rating to its proposed debt. We revised the outlook to stable, reflecting our belief that JCI's ability to sustain funds from operations (FFO) to total debt at 60% or more will not occur until sometime in fiscal 2013, which is later than we had previously assumed. On Feb. 1, 2011, Standard & Poor's Ratings Services revised its outlook on Johnson Controls Inc. (JCI) to stable from positive and affirmed...

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

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

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