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Johnson Controls $175 Million Senior Notes Rated 'A' By Fitch IBCA - Fitch IBCA Financial Wire -

30 January 1998

Johnson Controls $175 Million Senior Notes Rated 'A' By Fitch IBCA - Fitch IBCA Financial Wire -

    NEW YORK, Jan. 30 -- Johnson Controls, Inc.'s (JCI) newly
issued $175 million 6.30% senior notes, due Feb. 1, 2008, are rated 'A' by
Fitch IBCA.  In addition, the company's shelf registration, medium-term
notes, notes and debentures are affirmed at 'A'.  JCI's 4(2) commercial paper
program is affirmed at 'F1'.  The borrowings reflect a refinancing of
outstanding commercial paper.
    The ratings reflect the company's strong and growing global market
position in its major businesses, consistent free cash flow generation,
efficient working capital management, and proven ability to finance and
integrate acquisitions.  Total debt at Dec. 31, 1997 was $1.6 billion, up
slightly from Sept. 30, 1997 which was offset by an increase in cash.
The company continues to reduce the debt incurred in its 1996 acquisition of
Prince Holdings.
    JCI, based in Milwaukee, WI., is a global market leader in automotive
systems and controls.  Through its automotive systems group, it supplies
seating systems, interior systems and batteries to the automotive original
equipment and replacement automotive markets.  The controls group serves
the nonresidential buildings market with control systems and services, and
integrated facility management.

SOURCE  Fitch IBCA, Inc.