Moody's confirms Oshkosh

Moody's Investors Service said it confirmed the ratings of Oshkosh Corp., including the corporate family and probability of default ratings at B2.

The confirmation of Oshkosh's ratings, which were placed under review for possible downgrade on Jan. 29, is driven primarily by the company's successful negotiation of amendments to its revolving credit facility, removing the likelihood of a violation of its covenants at 2Q09, the agency said.

Moody's added that the speculative-grade liquidity rating is SGL-3 and the long-term outlook is negative.

The B2 corporate family rating incorporates the impact that the severe economic downturn is having on several of the company's business units, with the access equipment business being the most severely affected, the agency noted.

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