Doosan Infracore Bobcat Holdings (DIBH) has highly leveraged financial metrics, but the company is gradually improving its performance thanks to its good position in the compact equipment market and a modest recovery in demand. We are assigning our 'B+' long-term corporate credit rating to DIBH. We are also assigning our 'BB-' issue rating to a proposed senior secured term loan with a recovery rating of '2' that DIBH is guaranteeing. The stable outlook reflects our expectation that the company will maintain stable operating and financial performance on account of its well-established market position and positive free operating cash flow. On April 25, 2014, Standard&Poor's Ratings Services assigned its 'B+' long-term corporate credit rating to Korea-based Doosan Infracore Bobcat
