Johnson Controls International PLC's Proposed $700 Million Senior Unsecured Notes Due 2029 Rated 'BBB+'

NEW YORK (S&P Global Ratings) April 16, 2024--S&P Global Ratings today assigned its 'BBB+' issue-level rating to Johnson Controls International PLC's (JCI) proposed $700 million senior unsecured notes due 2029. The notes will be co-issued by the company's wholly owned subsidiary, Tyco Fire&Security Finance S.C.A. JCI intends to use the proceeds from the notes largely to refinance its current commercial paper borrowings. Therefore, we view the proposed transaction as largely credit neutral. For the most recent information, please see our bulletin on JCI, published April 15, 2024, on RatingsDirect. ISSUE RATINGS--SUBORDINATION RISK ANALYSIS Capital structure The company's capital structure exclusively comprises senior unsecured debt with no material priority liabilities. Analytical conclusions We rate JCI's senior unsecured debt obligations

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