ENGLEWOOD (S&P Global Ratings) May 12, 2025--S&P Global Ratings today assigned its ?A? issue-level rating to Irving, Texas-based Caterpillar Inc. ?s proposed new senior unsecured notes. We expect the notes will rank equally with all of Caterpillar?s existing and future unsecured obligations. The transaction does not materially affect Caterpillar?s credit measures. We expect the proceeds will used for general corporate purposes, which may include the repayment of existing indebtedness. All our ratings on Caterpillar, including our ?A/A-1? issuer credit rating, are unchanged. In 2025, we expect continued soft equipment demand conditions in the construction, mining, and oil and gas end markets will be mostly offset by robust growth in the power generation business, resulting in overall modest sales pressure. Caterpillar
