On April 21, 2009 Standard&Poor's Ratings Services revised the outlook on Caterpillar Inc. and its wholly owned finance subsidiary, Caterpillar Financial Services Corp., to negative from stable. At the same time, we affirmed the 'A' long-term corporate credit rating and 'A-1' short-term ratings on the company and its related entities. The outlook revision reflects weaker-than-expected operating performance that will stretch credit measures further than anticipated. Caterpillar today announced that 2009 sales and earnings will be weaker than previously expected as global economic conditions continue to be soft. Still, Caterpillar should generate meaningful free operating cash flow this year, benefiting from working capital reductions, which it could use to reduce debt and debt-like obligations. Additionally, Caterpillar's liquidity position has
