Standard&Poor's Ratings Services' rating on Oshkosh Corp. reflects its significant financial risk profile, which more than offsets its satisfactory business risk profile. The business risk profile is marked by leading positions in key segments of the cyclical specialty vehicle market, as well as good product and end-market diversity. We expect that Oshkosh's industrial businesses will improve in 2011 from very low levels, partially offsetting reduced sales and profitability at its defense segment. We believe credit measures will weaken from their currently strong levels, but expect that they will remain consistent with our expectations for the rating as Oshkosh transitions away from its sizable mine-resistant, ambush-protected, all-terrain vehicle (M-ATV) program. We believe its profitability will likely decline somewhat in
