Leading positions (typically No. 1) in key segments of the cyclical specialty vehicle market; Good product and end-market diversity; and Exposure to federal government budget pressure in the defense segment. Good credit measures and a conservative leverage target of 1x-2x reported debt to EBITDA; Exposure to cyclical end markets resulting in our expectation for high cash flow and leverage volatility; and Expectation that the company will balance its share repurchase, dividend, and acquisition activity. The rating outlook is stable. We believe Oshkosh will maintain credit measures that are consistent with an "intermediate" financial risk profile given the risks associated with its highly cyclical nondefense businesses and our expectation that its defense business will become a smaller portion of the overall
