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S&P raises Oshkosh
Standard & Poor's said it raised its long-term corporate credit rating on Oshkosh Corp. to B+ from B.
The agency said it removed the ratings from Creditwatch, where we had placed them with positive implications on Aug. 6.
The outlook is stable.
The upgrade follows the company's completion of a common stock offering, the agency said, noting that Oshkosh used the proceeds of roughly $358 million to repay term loan borrowings.
The repayment equates to about 15% of the company's debt and improves headroom under covenants, S&P added.
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