BOISE (S&P Global Ratings) March 5, 2024--S&P Global Ratings today said Carrier Global Corp.'s (BBB/Positive/A-2) announcement that it has entered into a definitive agreement to sell its industrial fire business for expected net proceeds of $1.1 billion provides further support to our forecast that it will reduce its S&P Global Ratings-adjusted debt leverage below 3x over the next 12-24 months. This divestiture follows the company's previously announced sale of its Global Access Solutions and commercial refrigeration businesses for expected net proceeds of approximately $4 billion and $500 million, respectively. Carrier announced that it intends to use the proceeds from the industrial fire sale to pay down debt. The company has also reiterated that it will not resume share repurchases until
