Ireland-headquartered building components and services provider Johnson Controls International PLC (JCI) reported strong results over the first half of fiscal 2021, ended March 31, as key end-markets rebounded. We anticipate that adjusted debt to EBITDA will improve below 3x in 2022 as a COVID-19-related hit to earnings rolls off. We revised our outlook to stable from negative and affirmed our ratings, including our 'BBB+' issuer credit rating and 'A-2' short-term rating on the company. The stable outlook reflects our expectation that JCI will maintain adjusted debt leverage of less than 3x and free operating cash to debt in excess of 15%. FARMERS BRANCH (S&P Global Ratings) June 30, 2021—S&P Global Ratings today took the rating actions listed above. We expect
