Leading global market positions (typically No. 1 or No. 2) across various end-markets; Strong commercial and industrial brands; Good geographic and service type diversity; and Recurring revenues from the fire protection and security business. Roughly 60% of the company's end markets carry average-to-high cyclical exposure, which could hurt profitability during downturns; Operations are in fragmented markets; Potential for disruption in the battery market to curb demand for the company's products; Some debt leverage was added to the capital structure during the 2016 merger; and Cash flow generation is weak at present. The stable outlook reflects S&P Global Ratings' expectation that Johnson Controls International PLC's (JCI's) earnings will benefit from merger synergies and modest revenue growth, that its debt-to-EBITDA metric will
