...August 14, 2023 ENGLEWOOD (S&P Global Ratings) Aug. 14, 2023--S&P Global Ratings today assigned its '###' issue-level rating to Otis Worldwide Corp.'s proposed senior unsecured notes. The company intends to use the net proceeds from these notes to repay the 500 million of debt issued by its subsidiary Highland Holdings S.a r.l.--which matures in November 2023--and its outstanding commercial paper borrowings, as well as for other general corporate purposes. Therefore, we believe the transaction will not affect its S&P Global Ratings-adjusted leverage. All of our other ratings on Otis are unchanged. Our '###' long-term issuer credit rating on the company reflects its relatively stable end-market demand, solid market position and engineering expertise, and well-balanced geographic mix. These factors are partially offset by its limited product diversity compared with its more broadly diversified, large industrial peers and the high degree of competition in the markets it serves. We believe...
