Overview Key strengths Key risks Strong market position as the largest manufacturer of construction and mining equipment globally and a leading provider of diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. Operates in a highly cyclical and competitive industry with deep inventory-correction cycles. We therefore expect manufacturing credit measures will exhibit volatility in correlation with the demand cycle. Good product, end-market, and geographic diversity, with support from the industry's strongest dealer network. We expect large share repurchases due to the company?s commitment to return substantially all of its Machinery, Energy, and Transportation (ME&T) free cash flow to shareholders over time. Maintains a competitive cost structure that supports good, but variable, operating margins over the business cycle. Following
