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Article: Fitch Affirms Johnson Controls at 'BBB'; Outlook Revised to Stable.
- Article from:
- Journal of Transportation
- Article date:
- November 21, 2009
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Fitch Ratings has affirmed the Issuer Default Rating (IDR) and long-term ratings for Johnson Controls, Inc. (JCI) at 'BBB'. The short-term IDR and commercial paper ratings have been affirmed at 'F2'. The Rating Outlook has been revised to Stable from Negative. A detailed list of rating actions follows at the end of this release.
As of Sept. 30, 2009 JCI had nearly $4 billion of outstanding debt, including $46 million of equity units to which Fitch has assigned 100% equity credit.
The revision of the Rating Outlook to Stable reflects JCI's recent debt reduction, extensive restructuring that has contributed to lower costs, and a slowly improving economy ...