...- U.S.-based elevator and escalator manufacturing, installation, and service company Otis Worldwide Corp. will operate as a stand-alone business following its separation from United Technologies Corp. (UTC). - We expect the company to issue senior unsecured notes, which it will use the proceeds from to pay a dividend to its former parent as part of the legal separation of the two companies. - We are assigning our '###' long-term and 'A-2' short-term issuer credit ratings to Otis Worldwide Corp. - At the same time, we are assigning our '###' issue-level rating to the company's proposed $5.3 billion of senior unsecured notes, which we expect it will issue in multiple tranches. - The stable outlook reflects our expectation that Otis' operating performance will remain steady. Although the company's leverage will be about 3x immediately following the close of the transaction, we expect it to reduce its debt to EBITDA to the high-2x area by the end of 2020 and to the mid-2x area in 2021....
