Research Update: Carrier Global Corp. Outlook Revised To Positive On Reduced Leverage; 'BBB' Rating Affirmed

U.S. heating, ventilation and air conditioning (HVAC) manufacturer Carrier Global Corp. paid down approximately $1.7 billion in debt over the last five quarters and is performing well in an inflationary environment. S&P Global Ratings anticipates Carrier's revenue and earnings will continue growing over the next two years, which, along with supportive financial policies, will allow debt to EBITDA to remain in the 2x area on an ongoing basis. Therefore, we revised our outlook on Carrier Global Corp. to positive from stable and affirmed our 'BBB' issuer credit rating. The positive outlook reflects Carrier's current and expected leverage of 2x or less over the next 24 months, which is low relative to the current rating and provides some cushion should a

...- U.S. heating, ventilation and air conditioning (HVAC) manufacturer Carrier Global Corp. paid down approximately $1.7 billion in debt over the last five quarters and is performing well in an inflationary environment. - S&P Global Ratings anticipates Carrier's revenue and earnings will continue growing over the next two years, which, along with supportive financial policies, will allow debt to EBITDA to remain in the 2x area on an ongoing basis. - Therefore, we revised our outlook on Carrier Global Corp. to positive from stable and affirmed our '###' issuer credit rating. - The positive outlook reflects Carrier's current and expected leverage of 2x or less over the next 24 months, which is low relative to the current rating and provides some cushion should a recession occur....

Research Update