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 Cyclicality and strong competition; and High working- and fixed-capital needs Standard&Poor's Ratings Services' ratings on Peoria, Ill.-based construction and mining equipment and diesel engine manufacturer Caterpillar Inc. reflect our expectation that the company will maintain its strong competitive business position in the cyclical global construction equipment market, its solid cash flow generation, and its demonstrated ability to remain profitable even at the bottom of an economic cycle. We expect a continuing fragile global economic rebound to support increases in demand for Caterpillar's products in 2012, albeit at a slower pace than in 2011.
