SAN FRANCISCO (S&P Global Ratings) Sept. 6, 2022--S&P Global Ratings today assigned its 'BBB+' issue-level rating to Johnson Controls International PLC's (JCI's) proposed $400 million senior unsecured notes due 2032. The notes will be co-issued by JCI's wholly owned subsidiary Tyco Fire&Security Finance S.C.A. The company intends to use the proceeds from these notes to refinance outstanding commercial paper borrowings. Therefore, we view the proposed transaction as largely credit neutral. JCI is a global diversified technology and multi-industrial company involved in the engineering, manufacturing, and commissioning of building products and systems, including residential and commercial heating, ventilation, and air conditioning (HVAC) equipment, industrial refrigeration, controls, security systems, and fire-detection and suppression systems. JCI also offers technical services, such
