NEW YORK (S&P Global Ratings) Nov. 2, 2026--S&P Global Ratings today assigned its ‘BBB’ issue-level rating to Westinghouse Air Brake Technologies Corp. ’s (Wabtec) proposed senior unsecured notes. We expect Wabtec will use the proceeds for general corporate purposes, including repaying its notes due in November 2026. Wabtec will likely keep S&P Global Ratings-adjusted debt to EBITDA near 2x through 2028. Although the company may remain acquisitive, we forecast improving profitability will maintain robust adjusted free operating cash flow of about $2 billion annually, even as it makes growth-related working capital investments. Order momentum and recently completed acquisitions support revenue growth. The 12-month backlog increased 9% to $9 billion in the third quarter of 2026. North America carload traffic is
