We expect global macroeconomic weakness to decrease elevator manufacturer Otis Worldwide Corp.'s sales and pressure profitability of new equipment, increasing the risk that the company will not be able to reduce leverage below 3x over the next 24 months. We are revising the outlook on Otis to negative from stable and affirming the 'BBB' issuer credit rating. At the same time, we assigned our 'A-2' issue-level rating to the company's $1.5 billion commercial paper program. The negative outlook reflects the potential for a downgrade if slower construction activity decreases new equipment installation volumes and/or weakens the company's profitability, leading us to expect that its S&P Global Ratings' adjusted debt to EBITDA will remain above 3x over the next 12 to
