S&P: Oshkosh on positive watch

Standard & Poor's said it placed its ratings, including the B corporate credit rating, on Oshkosh Corp. on Creditwatch with positive implications.

The Creditwatch placement follows the company's announcement that it has commenced a 13 million share common stock offering, and plans to use the proceeds to repay term loan borrowings, the agency said.

According to S&P, Headroom under covenants, which the company and lenders reset in March 2009, would increase moderately following the anticipated debt repayment.

In addition, the company received more than $2 billion in delivery orders from the U.S. government to build 3,944 M-ATV, which has meaningfully improved the company's near-term prospects, the agency said.

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