NEW YORK (S&P Global Ratings) June 16, 2020--S&P Global Ratings today assigned its 'BBB-' issue-level rating to Westinghouse Air Brake Technology Corp.'s (Wabtec's) proposed $400 million senior unsecured notes due 2025. We expect Wabtec will use the proceeds from this debt offering for general corporate purposes, including paying off the company's floating rate notes that become due in 2021. Therefore, we believe the transaction will be leverage-neutral at the onset. On May 4, 2020, we lowered the issuer credit rating on Wabtec to 'BBB-' from 'BBB' due to our expectation that S&P Global Ratings-adjusted debt to EBITDA will remain in the 3x-4x range. The outlook is negative, reflecting the risk that debt leverage increases beyond our expectations or liquidity deteriorates such
