Oshkosh Corp. has maintained its very strong credit measures (including an adjusted debt-to-EBITDA metric of well below 2.0x) and continues to pursue a conservative financial policy, which we believe enhances its ability to withstand cyclical pressures. Therefore, we are upgrading Oshkosh to 'BBB' from 'BB+'. At the same time, we are raising our issue-level rating on the company's senior secured credit facilities to 'BBB' from 'BB+' in conjunction with the upgrade. The stable outlook reflects our expectation that Oshkosh's operating performance will remain robust given the generally favorable conditions in its end markets and its conservative financial policies, which should support additional improvements in the company's already strong credit measures. On Jan. 19, 2018, S&P Global Ratings raised its corporate
