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S&P gives Johnson Control notes BBB+
S&P said it gave its BBB+ issue-level rating to Johnson Controls International plc's planned $400 million of senior unsecured notes due 2032. The notes will be co-issued by JCI's wholly owned subsidiary Tyco Fire & Security Finance SCA.
S&P affirmed JCI’s BBB+ ratings on June 30, 2021.
The company intends to use the proceeds to refinance commercial paper borrowings. “Therefore, we view the proposed transaction as largely credit neutral,” S&P said in a press release.
The outlook is stable.
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