S&P revises Carrier view to negative

S&P said it revised the outlook for Carrier Global Corp. to negative from stable and affirmed its BBB issuer and issue ratings.

“The negative outlook reflects S&P Global Ratings’ expectation that elevated debt will weaken credit measures if earnings drop because of weaker demand brought about by the coronavirus pandemic. While Carrier has stated it plans to pay down $1 billion-$1.5 billion in debt over the next 18-24 months, our anticipation of double-digit-percent sales decline in 2020 will ultimately delay Carrier’s planned deleveraging following its separation from United Technologies,” the agency said in a press release.

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