DALLAS (S&P Global Ratings) Sept. 13, 2021--S&P Global Ratings today assigned its 'BBB+' issue-level rating to Johnson Controls International PLC's (JCI's) proposed sustainability-linked senior unsecured notes due 2031. Tyco Fire&Security Finance S.C.A., a wholly owned subsidiary of JCI, will be a co-issuer of the notes. The company intends to use the net proceeds from the sale of the notes for general corporate purposes, including the repayment or redemption of near-term indebtedness. We view the proposed transaction as largely credit neutral. Beginning in 2026, the interest rate payable on the notes shall be increased by, in aggregate, (i) an additional 12.5 basis points per annum unless the issuers have notified the trustee in writing that the issuers have satisfied
