Moody's boosts Oshkosh

Moody's Investors Service said it upgraded the corporate family and probability-of-default ratings for Oshkosh Corp. to B1 from B2 and changed the outlook to stable. The SGL rating was upgraded to SGL-1 from SGL-3.

The upgrade reflects the ongoing improvement in the company's balance sheet as a result of strong cash flow generation, anticipated benefits from the company's MRAP all terrain vehicle business, its 2009 equity issuance and anticipated additional debt repayment, the agency said.

The outlook reflects the belief that although the benefits of the contract to produce all terrain vehicles for the Afghanistan war will primarily support 2010's performance, the company's other businesses are expected to begin to strengthen in 2011 as the economy grows, according to the agency.

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