Moody’s lifts Trane

Moody's Investors Service said it upgraded the senior unsecured ratings of Trane Technologies Global Holding Co. Ltd., Trane Technologies Co. LLC, Trane Technologies Luxembourg Finance SA, and Trane Technologies Financing Ltd. to Baa1 from Baa2. These entities are direct or indirect subsidiaries of Trane Technologies plc.

The agency said it also changed the outlook to positive from rating under review and concluded the review it started on March 16.

“The upgrades and change in outlook to positive reflect Moody's expectation that Trane's revenue growth will be driven by both commercial HVAC demand and positive pricing actions. The company's robust backlog also provides revenue visibility. These factors will help Trane to generate strong cash flow,” the agency said in a press release.

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