On Jan. 26, 2004, Standard&Poor's Ratings Services affirmed its 'BBB-' corporate credit and senior secured debt ratings on Oshkosh Truck Corp. At the same time, the outlook was revised to positive from stable. At Dec. 31, 2003, The Oshkosh, Wis.-based manufacturer of specialty trucks and vehicles had approximately $119 million of total debt outstanding. The outlook revision reflects Oshkosh Truck's growing debt capacity relative to Standard&Poor's expectations. While a key component to Oshkosh's strategy is to pursue both niche and strategic acquisitions, it is likely that the company will be able to achieve its business initiatives while maintaining, if not exceeding, Standard&Poor's expectations of pro forma total debt to EBITDA around 2.5x (currently at
