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Fitch affirms Johnson Controls
Fitch Ratings said it affirmed Johnson Controls, Inc.'s issuer default rating at A, short-term issuer default rating at F2, commercial paper at F2, senior unsecured bank facility at A- and senior unsecured rating at A-. York International Corp. was affirmed at long -term rating A- and senior unsecured rating A-.
The outlook is positive.
The affirmation recognizes Johnson Controls' diverse portfolio of businesses, strong free cash flow, reduced leverage since the acquisition of York and the successful integration of York, the agency said.
The outlook reflects Fitch's expectation for substantial free cash flow generation in fiscal 2008 enabling further debt reduction, even in an economically challenging environment, Fitch said.
The company's total adjusted debt-to-EBITDAR ratio was 2 times.
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