Approximately half of Carrier Global Corp.'s sales are derived from the Americas, one-third from Europe, the Middle East, and Africa (EMEA), and the remainder from Asia. We view end-market demand for Carrier's discretionary products as susceptible to disruption as the health and economic impacts of the coronavirus pandemic slow trade, transportation, and construction activity. As a result, S&P Global Ratings' view is that Carrier's sales in 2020 will contract in the low- to mid-single-digit percents. We are revising our outlook on Carrier to stable from positive, reflecting our expectation that Carrier's leverage will remain above 3x through 2021 as the coronavirus pandemic disrupts commercial, residential, and transportation activity. Several customer bases have already seen drastic declines in sales, capital spending,
