...April 8, 2025 S&P Global Ratings believes there is a high degree of unpredictability around policy implementation by the U.S. administration and possible responses--specifically with regard to tariffs--and the potential effect on economies, supply chains, and credit conditions around the world. As a result, our baseline forecasts carry a significant amount of uncertainty. As situations evolve, we will gauge the macro and credit materiality of potential and actual policy shifts and reassess our guidance accordingly (see our research here: spglobal.com/ratings). This report does not constitute a rating action. Margin growth supports deleveraging to the high-2x area in 2025. We forecast S&P Global Ratings-adjusted EBITDA margins will improve in 2025 due to higher pricing, a favorable mix shift to higher-margin aftermarket service and repair, and continued synergy realization from the Howden acquisition. In our view, margin growth will be partially offset by tariff headwinds, as well as prolonged...
