Moody's rates Oshkosh notes B3, lifts loan

Moody's Investors Service said it rated Oshkosh Corp.'s proposed $500 million of senior unsecured notes B3 (LGD5, 88%) and upgraded the company's first-lien senior secured credit facility comprised of a $550 million revolver and $1.9 billion term loan B to Ba3 from B1.

The company's SGL-1 liquidity rating was affirmed, the agency noted.

The company's outlook remains stable.

Moody's said that the new $500 million senior unsecured notes are being issued in two roughly equal increments with one maturing in 2017 and the other in 2020.

The upgrade of the first-lien facility reflects the additional support provided in the event of bankruptcy by the addition of the senior unsecured notes that are subordinated to the first-lien facility, the agency added.

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