Wisconsin-based Oshkosh Corp. announced a $500 million new senior unsecured notes offering and plans to use the proceeds to repay a portion of an outstanding term loan. We are assigning a 'B-' issue-level rating to the proposed new notes. We also assigned a recovery rating of '6' to this debt, indicating the expectation of negligible (0%-10%) recovery in a payment default scenario. We also placed the issue-level ratings on the company's senior secured debt on CreditWatch with positive implications. The outlook is positive. NEW YORK (Standard&Poor's) Feb. 23, 2010--Standard&Poor's Ratings Services today assigned a 'B-' issue-level rating to Oshkosh Corp.'s proposed new $500 million senior unsecured notes. We also assigned a recovery rating of '6' to
