S&P rates Oshkosh notes B-

Standard & Poor's said it assigned a B- issue-level rating to Oshkosh Corp.'s proposed new $500 million of senior unsecured notes while it also assigned a recovery rating of 6.

In addition, the agency said it placed the senior secured debt issues on CreditWatch with positive implications.

"The company announced it will attempt to raise $500 million in senior unsecured notes and that it will use the proceeds to prepay term loan debt," said credit analyst Dan Picciotto.

"The repayment would represent a repayment of about 30% of outstanding senior secured debt," he continued.

S&P said it also placed the senior secured debt on CreditWatch with positive implications because of expected improvement in recovery prospects following the completion of the notes deal and subsequent prepayment of term loan debt.

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