...NEW YORK (S&P Global Ratings) Nov. 28, 2017--S&P Global Ratings today assigned its '###+' issue-level rating to Johnson Controls International PLC's (JCI) 750 million senior unsecured notes due 2020. At the same time, we affirmed all of our issue-level ratings on the company's debt. JCI intends to use the proceeds from this issuance for general corporate purposes, which may include repaying the drawings under its commercial paper program. The company's commercial paper program is backed by a $2 billion revolving credit facility issued by JCI and a $1 billion revolving credit facility issued by its wholly owned subsidiary Tyco International Holding S.a.r.l. (both mature in August 2020). Our ratings on Cork, Ireland-based Johnson Controls reflect the company's significant scale in building products and services, its strong market positions and recognized brands, and its good geographic, end-market, and product diversity. These strengths are partially offset by the company's exposure to cyclical...
