Johnson Controls International PLC's Proposed Senior Unsecured Notes Rated 'BBB+' - S&P Global Ratings’ Credit Research

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

Johnson Controls International PLC's Proposed Senior Unsecured Notes Rated 'BBB+' - S&P Global Ratings’ Credit Research
Johnson Controls International PLC's Proposed Senior Unsecured Notes Rated 'BBB+'
Published Dec 04, 2024
3 pages (1372 words) — Published Dec 04, 2024
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Abstract:

SAN FRANCISCO (S&P Global Ratings) Dec. 4, 2024--S&P Global Ratings today assigned its 'BBB+' issue-level rating to Johnson Controls International PLC's (JCI) proposed euro-denominated senior unsecured notes due 2033. The company will co-issue the notes with its wholly owned subsidiary Tyco Fire&Security Finance S.C.A. Concurrently, JCI is considering, subject to market conditions, a potential U.S. dollar denominated senior unsecured notes issuance. The company intends to use the proceeds from the proposed Euro-denominated issuance and any potential U.S. dollar denominated issuance largely to refinance its upcoming maturities, including its €500 million senior unsecured notes due February 2025 and current commercial paper borrowings. Therefore, we view the proposed transactions as largely credit neutral. Cork, Ireland-headquartered JCI is a globally diversified

  
Brief Excerpt:

...The company's capital structure exclusively comprises senior unsecured debt with no material priority liabilities....

  
Report Type:

Ratings Action

Ticker
TYC
Issuer
GICS
Building Products (20102010)
Sector
Global Issuers
Country
Region
Europe, Middle East, Africa
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Johnson Controls International PLC's Proposed Senior Unsecured Notes Rated 'BBB+'" Dec 04, 2024. Alacra Store. May 08, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Johnson-Controls-International-PLC-s-Proposed-Senior-Unsecured-Notes-Rated-BBB-3294404>
  
APA:
S&P Global Ratings’ Credit Research. (). Johnson Controls International PLC's Proposed Senior Unsecured Notes Rated 'BBB+' Dec 04, 2024. New York, NY: Alacra Store. Retrieved May 08, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Johnson-Controls-International-PLC-s-Proposed-Senior-Unsecured-Notes-Rated-BBB-3294404>
  
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