NEW YORK (Standard&Poor's) April 23, 2013--Standard&Poor's Ratings Services said today that Caterpillar Inc.'s first quarter results, lower revenue and earnings guidance for 2013, and $1 billion share repurchase announcement do not affect our ratings or outlook on the company. Revenues declined 17% in the first quarter, and the company revised its full year revenue guidance downward to $57 billion-$61 billion, implying at the mid-point, a 10% decline from 2012. These levels are somewhat weaker than our previous expectations and largely reflect continued weakness in demand for mining equipment. Still, we factor this expected cyclicality into the rating and the company appears focused on managing its cost base, which should temper the effect of lower volumes on
