...February 13, 2023 ENGLEWOOD (S&P Global Ratings) Feb. 13, 2023--S&P Global Ratings said today that Oshkosh Corp.'s failure to win the contract for the next phase of production for the U.S. Army's Joint Light Tactical Vehicle (JLTV) family of vehicles is credit negative and could weigh significantly on its defense segment revenues starting in 2025. Still, the company maintains healthy credit metrics with over $800 million in cash and cash equivalents as of Dec. 31, 2022, more than covering reported debt of just over $600 million. Thus, the company currently has significant cushion to our 2x S&P Global Ratings-adjusted debt to EBITDA downside trigger. However, we will continue to monitor the potential impact of the loss of the program on Oshkosh's credit metrics. We anticipated Oshkosh would win the re-compete of the JLTV program. A year ago, the U.S. Army released a request for proposal for the re-compete of the production contract for JLTVs. The contract lasts for a duration of five years,...
