The rating on Oshkosh, Wis.-based specialty vehicle maker Oshkosh Corp. remains on CreditWatch, reflecting uncertainty regarding the leverage profile for Oshkosh and its strategic direction following a buyout offer from Carl Icahn for $32.50 per share. The company's announcement on Nov. 16, 2012 that it plans to repurchase up to $300 million of common stock over the next 12 to 18 months does not have an immediate effect on our assessment of the company's financial risk profile, which we describe as "significant." The company's large cash balances (more than $500 million), good credit measures, and anticipated positive free cash flow generation provide some capacity for the share repurchase activity. However, the announced tender offer for Oshkosh's shares has increased risks
