Moody's lowers Johnson Controls

Moody's Investors Service said it lowered the long-term rating of Johnson Controls Inc. to Baa2 from Baa1.

The rating agency said it also assigned a Baa2 rating to the company's proposed $100 million of senior convertible notes and a Baa3 rating to its proposed $400 million of subordinated convertible notes.

The company's Prime-2 short-term rating is affirmed and the outlook is stable, the agency added.

According to Moody's, the downgrade of Johnson Controls' long-term rating reflects the significant erosion in global automotive demand and the resulting decline in the sales and earnings of the company's automotive interiors business.

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