- Will GM Adopt a Europe Style to Make Opel Work?
- Republicans Win Va., N.J. Governor's Races
- Look Ahead: Market Taking Its Cues From Fed Statement
- Bailed-Out Banks Preparing Pay Bonanza: Study
- Nissan Returns to Profit in Latest Quarter
- World Bank Tips China for 8.7% Growth in 2010
- Berkshire's 15 Biggest Stock Holdings
- Buffett Needed No Bankers for Burlington Deal
- UK Services Activity Strongest Since the Crisis Started
- Final World Series Games Big Money Makers
- Best Buy To Embed Digital Download Platform on Devices
- Options Trader Targets Precious Metal Surge
- October Shows Auto Rebound Will Be Slow
- The Silencing of Paul Volcker?
- CNBC Transcript: Warren Buffett Explains His Railroad 'All-In Bet' on America
- CIT's Retail Impact?
- M&A: Signs of Strength?
- Crescenzi: Fed Exit Best As Process, Not Event
- Nissan returns to profit in latest quarter
- Carlsberg posts 25 percent jump in Q3 profit
- Analysis: Health care delay would frustrate Obama
- 3 million acres taken out of conservation program
- Farmland released from conservation program
- UK lender Northern Rock says business is improving
- House to accelerate credit card rules
- THE INFLUENCE GAME: Liberals targeting moderates
- US official stresses emerging economies' role
Text Size 
CHICAGO - Fitch Ratings on Monday reaffirmed automotive parts supplier Johnson Controls Inc.'s investment grade default and long-term ratings and raised its ratings outlook to Stable from Negative.
The ratings agency said the change in outlook reflects the company's recent debt reduction, extensive restructuring and a slowly improving economy.
"JCI's financial profile remains weaker than it was prior to the recession, and leverage remains somewhat high for the ratings. However, the company's restructuring should allow it to be profitable at lower sales volumes and reduce leverage during the next several quarters," said Fitch, in a note to clients.
Fitch affirmed the company's 'BBB' rating, and backed its short-term issuer default rating and commercial paper rating of 'F2.'
Johnson Controls, based in Milwaukee, had nearly $4 billion of outstanding debt, including $46 million of equity units, as of Sept. 30.
Its shares rose 52 cents, or 2.2 percent, to $24.44 in afternoon trading.
(This version CORRECTS name to Johnson Controls sted Control)
Print
Email
- These four sectors will be the next to lead the market.
- These executives got the largest pay packages of the last 10 years.
- People who are scared of flying can now press a button on their iPhone to help them deal with their panic.
- With no wins to show for its $300 million annual budget, Toyota exits Formula One racing.
- A Harvard professor’s unusual confectionary is blowing away chocolatiers in Paris.
- How much would you pay for a motorized La-Z-Boy? An eBay auction for a police-confiscated 'DWI' chair is fetching high dollars.
Data is a real-time snapshot *Data is delayed at least 15 minutes