On Sept. 4, 2008, Standard&Poor's Ratings Services lowered its ratings on Oshkosh Corp., including the corporate credit rating to 'BB-' from 'BB'. The company had total balance sheet debt of nearly $3 billion at June 30, 2008. The outlook is negative. The downgrade reflects weaker prospects in some of Oshkosh's key end markets, which is likely to delay the anticipated improvement in credit measures. Also, should operating performance fail to stabilize, we are concerned that the company could violate a covenant in fiscal 2009 and would need to obtain relief from lenders. This would likely result in worsening interest coverage metrics. Still, Oshkosh benefits from good diversification and positive cash flow generation. The ratings reflect the Oshkosh, Wisc.-based
