Leading market positions; Diversification by product, end markets, and geography; The industry's strongest dealer network; and A competitive cost structure. Cyclicality and high competition; and Working- and fixed-capital intensiveness. Standard&Poor's Ratings Services' ratings on construction equipment and diesel engine manufacturer Caterpillar Inc. reflect the company's strong competitive business position in the cyclical global construction equipment market, its solid cash flow generation, and our expectation that it will perform acceptably, even at the bottom of an economic cycle. We expect the global economic rebound to support continued increases in demand for Caterpillar's products in 2011, from a trough in 2009. Caterpillar's credit measures have improved and are near levels Standard&Poor's expects for the current rating, after deteriorating
