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Moody's: Oshkosh view to positive
Moody's Investors Service said it affirmed Oshkosh Corp.'s Ba3 corporate family rating and Ba3-PD probability of default rating.
The outlook was changed to positive from stable.
The speculative grade liquidity rating was affirmed at SGL-2.
Moody's said the change in outlook reflects the company's strong credit metrics despite recent revenue decline as the strong cyclical rebound in access equipment has mitigated the major drop in defense sales, which (absent significant new contract wins) is expected to decline to less than $1 billion by fiscal year 2015 from over $3 billion in fiscal year 2013 due primarily to reduced funding for legacy programs and lower parts and service sales.
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