Oshkosh Corp.'s operating performance continues to be good and its credit metrics have improved significantly largely due to strong defense segment sales and lower debt levels. We are raising our ratings on Oshkosh, including the corporate credit rating (CCR), to 'BB' from 'BB-'. At the same time, we are raising our ratings on the company's senior secured credit facility to 'BBB-' from 'BB+' with a recovery rating of '1'. We are also raising the issue-level ratings on the company's unsecured debt to 'BB' from 'BB-'. The outlook has been revised to stable. The stable outlook reflects our view that Oshkosh will maintain credit measures adequate for the rating through 2011, despite reduced sales and profitability. On March 8, 2011, Standard
