Good position in the compact construction equipment market Industry volatility due to cyclical demand Gradually improving operating performance Adjusted debt to EBITDA of about 4.0x Moderate financial policy with stable capital investment Positive free operating cash flows Potential volatility in cash flows and financial ratios The stable outlook on Doosan Infracore Bobcat Holdings Co. Ltd. (DIBH), a Korea-based holding company in the construction equipment market, reflects Standard&Poor's Ratings Services' expectation that the company will maintain stable operating performance and modestly improve its financial metrics over the next one to two years thanks to its well-established market position. We may raise the rating if the parent Doosan Infracore Co. Ltd. (DI; not rated) group improves its profitability and significantly
