S&P revises Carrier view to stable

S&P said it revised the outlook for Carrier Global Corp. to stable from positive reflecting the expectation Carrier's leverage will remain above 3x through 2021 as the coronavirus pandemic disrupts commercial, residential, and transportation activity.

The stable outlook on Carrier reflects S&P expectation for flat real U.S. GDP growth in 2020 with a contraction of 6% in the second quarter, compared with its previous expectation of full-year growth of 1.9%.

“We believe this will result in a low- to mid-single-digit percent sales decline in 2020, leading to reduced EBITDA generation and adjusted debt to EBITDA of more than 3x in 2020 and 2021,” said S&P in a press release.

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