Moody's raises Cummins to stable

Moody's Investors Service said it confirmed the long-term ratings of Cummins Inc. (senior implied Ba1 and senior unsecured Ba2) and Cummins Capital Trust I (subordinate Ba3) and changed the outlook to stable from negative.

Moody's also assigned an SGL-1 speculative grade liquidity rating to the company.

Moody's said the confirmation and change in outlook reflect the significant rebound in all of Cummins' markets, the solid competitive position the company has been able to maintain in each of its business sectors and the expectation that these factors will enable Cummins to continue strengthening its credit metrics through 2005.

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