We expect that Tyco International PLC (Tyco) will complete its merger with Johnson Controls Inc. on Sept. 2, 2016 (at which point Tyco will change its name to Johnson Controls International PLC). While we believe that the combination of the two companies will create a formidable player in the building services and controls space, the merger entails some integration risk and and will increase the combined entity's debt leverage. Therefore, we are lowering our corporate credit rating on the ultimate parent, Tyco, to 'BBB+' from 'A-' and are removing the rating for CreditWatch. At the same time, we are affirming our 'A-2' short-term rating on the firm. Following the completion of the merger, we will consider the companies' other rated
