Good position in the compact construction equipment market Industry volatility due to cyclical demand Gradually improving operating performance Adjusted debt to EBITDA of around 5.0x due to high debt Moderate financial policy with stable capital investment Positive free operating cash flows Potential volatility in cash flows and financial ratios The stable outlook on Doosan Infracore Bobcat Holdings Co. Ltd. (DIBH), a Korea-based holding company in the construction equipment market, reflects Standard&Poor's Ratings Services' expectation that the company will maintain stable operating and financial performance over the next one to two years, thanks to its well-established market position and positive free operating cash flow. We could lower the rating if profitability and financial measures for the company deteriorate, potentially
