Johnson Controls International PLC's Proposed €800 Million Senior Unsecured Notes Due 2035 Rated 'BBB+'

SAN FRANCISCO (S&P Global Ratings) May 16, 2023--S&P Global Ratings today assigned its 'BBB+' issue-level rating to Johnson Controls International PLC?s (JCI) proposed €800 million senior unsecured notes due 2035. The notes will be co-issued by Johnson Controls' wholly owned subsidiary Tyco Fire&Security Finance S.C.A. The company intends to use the proceeds from these notes to refinance upcoming maturities, therefore we view the proposed transaction as largely credit neutral. Founded in 1885, Cork, Ireland-headquartered JCI is a globally diversified company focused on the engineering, manufacturing, and commissioning of building products and systems. JCI operates through its Building Solutions North America, Building Solutions EMEA/Latin America, Building Solutions Asia Pacific, and Global Products segments. The company designs, sells, installs, and

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