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