Standard&Poor's Ratings Services expects that performance at Oshkosh Corp.'s industrial businesses will improve in the next year from very low activity levels, partially offsetting reduced sales and profitability at its defense segment in fiscal 2011. We expect credit measures to weaken from their very good current levels, but believe they may remain consistent with our expectations for a higher rating if Oshkosh can perform well as it transitions away from its sizable mine-resistant, ambush-protected, all-terrain vehicle (M-ATV) program. Profitability is likely to decline significantly next year due to the substantial completion of this order, but we believe funds from operations (FFO) will likely exceed 20% in fiscal 2011 and potentially improve thereafter. The ratings reflect Oshkosh's aggressive financial
