ENGLEWOOD (S&P Global Ratings) Nov. 12, 2024--S&P Global Ratings today assigned its 'BBB' issue-level rating to Otis Worldwide Corp.'s proposed senior unsecured notes. The company intends to use the net proceeds from these notes and cash on hand to repay $1.3 billion which matures in April 2025. 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 'BBB' 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 large industrial peers and the high degree of competition in the markets it serves.
