Johnson Controls International PLC's Euro Senior Unsecured Notes Rated 'BBB+'

FARMERS BRANCH (S&P Global Ratings) Sept. 9, 2020--S&P Global Ratings today assigned its 'BBB+' ratings to Johnson Controls International PLC's euro-denominated senior unsecured notes due 2027 and 2032. The company intends use the proceeds from these notes for general corporate purposes including the repayment or redemption of near-term debt maturities Ireland-domiciled building components, technology, and services provider Johnson Controls should see stronger demand for its products in the future as building owners and developers increasingly look to improve the health and safety of their properties. That said, we expect demand to be soft in the near term, amid the coronavirus-driven global economic slowdown. This heightens the potential for adjusted leverage to climb near 3.0x EBITDA over the next 12 months.

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