Moody's upgrades Oshkosh

Moody's Investors Service said it upgraded Oshkosh Corp.'s corporate family and probability of default ratings to Ba3 from B1, senior secured bank credit facility to Ba2 (LGD3, 36%) from Ba3 (LGD3, 41%) and senior unsecured bonds to B2 (LGD5, 89%) from B3 (LGD5, 88%). The SGL-1 speculative grade liquidity rating was affirmed.

The outlook is stable.

The agency said the upgrade reflects the significant improvement in the company's debt levels due to the strong performance of its defense business, and the stable outlook reflects the belief that the company is well positioned in the rating category.

The rating is unlikely to be further upgraded over the near term as the defense business is winding down and the company's non-defense businesses are still building a post-recession track record, Moody's said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.