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S&P upgrades Cummins to A+
Standard & Poor's said it raised its ratings on Cummins Inc., including the corporate credit rating to A+ from A.
The outlook on the corporate credit rating is stable.
"The upgrade reflects our expectation that the company will maintain a ratio of funds from operations (FFO) to debt of greater than 60% and debt to EBITDA of less and 1.5x – notwithstanding its exposure to cyclical markets," S&P credit analyst Sol Samson said in a news release.
"By transforming its cost structure over the last decade, diversifying geographically, and following a very cautious financial policy, management has insulated the company, to the extent possible, from extreme cyclical impacts."
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