The rating on Oshkosh Corp. reflects the company's significant financial risk profile, which more than offsets its satisfactory business risk profile. Its 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. Standard&Poor's Ratings Services expects that the performance of Oshkosh's industrial businesses will improve modestly in 2012 from its current low levels, partially offsetting reduced profitability at its defense segment. Its credit measures are beginning to weaken from strong levels, but we expect that they'll 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 could continue
