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Moody's ups Caterpillar
Moody's Investors Service said it upgraded the long-term Caterpillar, Inc., Caterpillar Financial Services Corp. and their supported affiliates to A2 from A3,
The upgrade reflects the higher returns that Caterpillar will generate throughout the business cycle due to the disciplines around its operating and execution model. Moody's said it forecasts Caterpillar’s core machinery, energy & transportation operations should be able to maintain EBITA margins exceeding 10% during downturns even as sales decline by 25% or more.
“The upgrade of CFSC reflects the support agreement from CAT in favor of the holders of CFSC's rated debt. The upgrade of the supported finance affiliates reflects guarantees of their rated debt by CFSC,” Moody’s said in a press release.
The outlook is stable.
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