NEW YORK (Standard&Poor's) March 10, 2009--Standard&Poor's Ratings Services today affirmed its ratings, including the 'B' long-term corporate credit rating, on Oshkosh Corp., and removed the ratings from CreditWatch, where they had been placed with negative implications on Jan. 29, 2009. The outlook is negative. "The affirmation follows the company's announcement that it has completed an amendment to its credit agreement which resets financial covenant levels," said Standard&Poor's credit analyst Dan Picciotto. The amendment resulted in higher interest rates, which will reduce free cash flow generation. In addition, end markets remain challenged as the global economic downturn has resulted in softer demand. If the downturn is prolonged, revised covenant levels could again come under pressure.
