Research Update: Carrier Global Corp. Outlook Revised To Stable From Negative On Improved Performance, Leverage; 'BBB' Rating Affirmed

Strong demand from new residential construction markets and increased discretionary spending have led to higher-than-expected demand for Carrier Global Corp.?s products and aftermarket services across multiple segments. S&P Global Ratings anticipates Carrier will experience robust earnings over the next two years, which will improve debt to EBITDA to the 3x area on a sustained basis. Therefore, we revised our outlook on Carrier Global Corp. to stable from negative and affirmed our 'BBB' issuer credit rating. The stable outlook reflects our view that the global economic recovery underway will support demand and, along with supportive financial policies, will result in Carrier sustaining adjusted leverage at or below 3x over the next 24 months. Furthermore, the company has benefited from ongoing cost-reduction

...- Strong demand from new residential construction markets and increased discretionary spending have led to higher-than-expected demand for Carrier Global Corp.'s products and aftermarket services across multiple segments. - S&P Global Ratings anticipates Carrier will experience robust earnings over the next two years, which will improve debt to EBITDA to the 3x area on a sustained basis. - Therefore, we revised our outlook on Carrier Global Corp. to stable from negative and affirmed our '###' issuer credit rating. - The stable outlook reflects our view that the global economic recovery underway will support demand and, along with supportive financial policies, will result in Carrier sustaining adjusted leverage at or below 3x over the next 24 months....

Research Update