Oshkosh Corp. has maintained solid credit measures, and we believe it has the potential to offset weak prospects in the defense market with better profitability performance in its other businesses. We are affirming our ratings and revising the outlook to positive from stable. The positive outlook reflects a potential upgrade if Oshkosh maintains funds from operations to total debt of about 30% and adjusted debt to EBITDA remains less than 2.5x in the context of an economic backdrop that is gradually recovering. On Jan. 2, 2013, Standard&Poor's Ratings Services affirmed its ratings, including the 'BB' corporate credit rating, on Oshkosh Wis.-based Oshkosh Corp. and revised the outlook to positive from stable. At the same time, we revised the
