Palm Beach Gardens, Fla.-based Carrier Global Corp. is a leading provider of heating, ventilating, air conditioning (HVAC), refrigeration, fire, security, and building automation products, solutions, and services. Carrier plans to separate from its parent, United Technologies Corp. (UTX), in 2020 and will operate as an independent, publicly traded company. As part of the separation, Carrier will distribute an approximately $10.5 billion cash dividend to UTX, which the company intends to fund via a combination of unsecured notes and a $1.5 billion unsecured three-year term loan (unrated). We are assigning our 'BBB' issuer credit rating to Carrier and our 'BBB' issue-level rating to its proposed senior unsecured notes ($9.2 billion in aggregate). The outlook is positive, reflecting our expectation that Carrier's
