S&P puts Oshkosh on watch

Standard & Poor's said it lowered Oshkosh Corp.'s corporate credit rating to B from BB- and senior secured credit facilities to B+ from BB+, and placed the ratings on CreditWatch with negative implications.

"The downgrade reflects the company's weaker-than-expected operating performance and its announcement that it will seek to amend financial covenants under its credit facility," S&P analyst Dan Picciotto said in a statement.

Ratings reflect the company's highly leveraged financial profile, which more than offsets its leading business positions in key segments of the specialty vehicle market and good product and end market diversity, according to the agency.

Oshkosh's adjusted debt-to-EBITDA ratio was about 4.2x at Dec. 31.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.