S&P rates Oshkosh loan BB+

Standard & Poor's said it assigned its BB+ issue-level and a recovery rating of 1 to Oshkosh Corp.'s proposed $1.2 billion senior secured credit facility.

At the same time, the agency said it raised its issue-level ratings on the company's senior unsecured debt to BB-, the same as the corporate credit rating, from B+ while it also revised its recovery rating on this debt to 4 from 5.

S&P said it also affirmed Oshkosh's BB- CCR. The outlook is positive.

"The upgrade of Oshkosh's unsecured issue-level ratings reflects an expected lower level of term debt in the company's capital structure following completion of the proposed refinancing, which improves simulated recovery prospects for the unsecured noteholders," said credit analyst Dan Picciotto.

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