Moody's rates Oshkosh notes Ba3

Moody's Investors Service said it assigned a Ba3 (LGD5) rating to Oshkosh Corp.’s proposed senior notes offering and affirmed its Ba2 corporate family rating, Ba2-PD probability of default rating, Ba3 senior debt rating and SGL-2 speculative grade liquidity rating. The outlook remains stable.

Oshkosh plans to use the note proceeds to refinance the redemption of its $250 million senior notes due 2020.

The agency said the ratings affirmation reflects the company's low leverage, business diversity and Moody's expectation for ongoing conservative balance sheet management.

The rating considers the company's significant reliance on profits from its access equipment segment and incorporates the expectation that other operating segments should improve as the economy strengthens, Moody's said.

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