Oshkosh Corp. has a new proposed $1.2 billion senior secured credit facility, which will consist of a $650 million term loan and a $550 million revolving credit facility. We are assigning a 'BB+' issue level rating to Oshkosh's proposed $1.2 billion senior secured credit facility. We are also raising the issue level ratings on the company's unsecured debt to 'BB-' from 'B+'. At the same time, we are affirming Oshkosh's 'BB-' corporate credit rating (CCR), which we raised last month on improved credit measures stemming from strong defense segment sales and reduced debt. The outlook is positive reflecting our view that Oshkosh could maintain credit measures adequate for a higher rating. NEW YORK (Standard&Poor's) Sept. 15, 2010--Standard&
