This report does not constitute a rating action. Overview Key strengths Key risks Leading manufacturer of specialty vehicles in North America with a strong market position and brand recognition. Exposure to highly cyclical end markets, specifically construction. Moderate end-market diversification with exposure to defense, emergency response, waste collection, and construction. Lower margins than other capital goods manufacturers. Ability to withstand cyclical downturns with limited effect on leverage metrics. Significant customer concentration. Continued investment for innovation, electrification, and simplification of product lines. Sales heavily concentrated in North America. In our view, macroeconomic uncertainty is causing customers to reduce orders for Access, which will likely outweigh solid demand in the company?s other segments. As of March 31, 2025, the company's Access backlog
