U.S.-based Westinghouse Air Brake Technologies Corp. (Wabtec) is planning to issue $750 million of senior notes due 2026 to partially finance its acquisition of Faiveley Transport. We are assigning our 'BBB' issue-level rating to the company's senior notes due 2026. At the same time, we are affirming our 'BBB' corporate credit rating on Wabtec. The stable outlook reflects our belief that the company's performance will remain adequate despite the weak demand in its freight business. In addition, we expect Wabtec to maintain a leverage metric of between between 1.5x and 2.0x over the next 12-24 months pro forma for the Faiveley acquisition. On Oct. 31, 2016, S&P Global Ratings assigned its 'BBB' issue-level rating to Westinghouse Air Brake Technologies Corp.'s
