Leading (No. 1) market positions in many end markets; Diverse products, end markets, and geography; The industry's strongest dealer network; and A competitive cost structure supporting good operating margin Cyclicality and strong competition; and High working- and fixed-capital needs The ratings on Peoria, Ill.-based construction and mining equipment and engine manufacturer Caterpillar Inc. reflect the company's "strong" business risk profile and its "modest" financial risk profile. Standard&Poor's Ratings Services expects that the company will maintain its No. 1 position in the cyclical global construction equipment market and maintain its solid cash flow generation and its demonstrated ability to remain profitable, even at the bottom of an economic cycle. In addition to its manufacturing operations, Caterpillar also has a
