U.S.-based elevator and escalator manufacturing, installation, and service company Otis Worldwide Corp. will operate as a stand-alone business following its separation from United Technologies Corp. (UTC). We expect the company to issue senior unsecured notes, which it will use the proceeds from to pay a dividend to its former parent as part of the legal separation of the two companies. We are assigning our 'BBB' long-term and 'A-2' short-term issuer credit ratings to Otis Worldwide Corp. At the same time, we are assigning our 'BBB' issue-level rating to the company's proposed $5.3 billion of senior unsecured notes, which we expect it will issue in multiple tranches. The stable outlook reflects our expectation that Otis' operating performance will remain steady. Although
