...NEW YORK (Standard & Poor's) Jan. 28, 2015--Standard & Poor's Ratings Services today revised its recovery rating on specialty vehicle manufacturer Oshkosh Corp.'s senior unsecured notes to '4' from '3', indicating average (30% to 50%) recovery in the event of a payment default. Our recovery expectations are in the lower half of the 30% to 50% range. Our '##+' issue-level rating on the notes, as well as our '##+' corporate credit rating and stable outlook on Oshkosh Corp., remain unchanged. The revised recovery rating reflects our assessment that the announced increase in lender commitments under Oshkosh's revolving credit facility to $850 million from $600 million results in lower recovery expectations for the company's unsecured notes in a default scenario. We expect the company to utilize the upsized revolving credit facility to fund the call of $250 million senior unsecured notes due 2020, as well as for general corporate purposes. The corporate credit rating on Oshkosh reflects its...
