Westinghouse Air Brake Technologies Corp.'s Proposed Senior Unsecured Notes Rated 'BBB'

ENGLEWOOD (S&P Global Ratings) May 19, 2025--S&P Global Ratings today assigned its ?BBB? issue-level rating to Westinghouse Air Brake Technologies Corp. ?s (Wabtec) proposed $1.25 billion senior unsecured notes. We expect they will rank equally with all of Wabtec?s existing unsecured obligations and span two maturities, one in 2030 and one in 2035. We expect Wabtec will use the proceeds for general corporate purposes, including repaying its $500 million notes due in June 2025 and partially funding the $1.78 billion acquisition of Inspection Technologies. Our ?BBB? issuer credit rating and stable outlook on Wabtec are unchanged. We expect the company will continue to moderately expand organic revenue and S&P Global Ratings-adjusted EBITDA in 2025 and 2026, with robust free cash

...May 19, 2025 ENGLEWOOD (S&P Global Ratings) May 19, 2025--S&P Global Ratings today assigned its `###' issue-level rating to Westinghouse Air Brake Technologies Corp.'s (Wabtec) proposed $1.25 billion senior unsecured notes. We expect they will rank equally with all of Wabtec's existing unsecured obligations and span two maturities, one in 2030 and one in 2035. We expect Wabtec will use the proceeds for general corporate purposes, including repaying its $500 million notes due in June 2025 and partially funding the $1.78 billion acquisition of Inspection Technologies. Our `###' issuer credit rating and stable outlook on Wabtec are unchanged. We expect the company will continue to moderately expand organic revenue and S&P Global Ratings-adjusted EBITDA in 2025 and 2026, with robust free cash flow, supported by recent growth in its freight and transit segment backlog. We expect free cash flow will support deleveraging following the acquisition, with S&P Global Ratings-adjusted debt to EBITDA...

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