Bulletin: Johnson Controls International PLC Cyberattack Does Not Immediately Affect Credit Quality

NEW YORK (S&P Global Ratings) Sept. 29, 2023--S&P Global Ratings today said a cybersecurity incident that struck Johnson Controls International PLC's (JCI; BBB+/Stable/A-2) internal information technology (IT) infrastructure and applications does not affect its credit quality at this time. It appears many of the company's applications are unaffected. JCI has implemented workarounds for certain internal operations. The timing of the attack, near JCI's fiscal year-end, could affect the timing of its financial disclosures, although a delayed filing itself may not affect our view of its credit quality. Nevertheless, we will continue to monitor the situation and assess any impact to JCI's revenue, EBITDA, and customer relationships. As of June 30, 2023, JCI's S&P Global Ratings-adjusted leverage was 3.1x, providing some

...September 29, 2023 NEW YORK (S&P Global Ratings) Sept. 29, 2023--S&P Global Ratings today said a cybersecurity incident that struck Johnson Controls International PLC's (JCI; ###+/Stable/A-2) internal information technology (IT) infrastructure and applications does not affect its credit quality at this time. It appears many of the company's applications are unaffected. JCI has implemented workarounds for certain internal operations. The timing of the attack, near JCI's fiscal year-end, could affect the timing of its financial disclosures, although a delayed filing itself may not affect our view of its credit quality. Nevertheless, we will continue to monitor the situation and assess any impact to JCI's revenue, EBITDA, and customer relationships. As of June 30, 2023, JCI's S&P Global Ratings-adjusted leverage was 3.1x, providing some cushion to absorb a potential modest decline in its EBITDA and remain below our rating downside threshold of well above 3x....

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