Caterpillar Credit Rating Lowered

S&P says the downgrade reflects concerns about increased exposure to unfunded postretirement benefit liabilities

On June 24, 2003, Standard & Poor's Ratings Services lowered its corporate credit ratings on Caterpillar (CAT ) and its captive finance subsidiary, Caterpillar Financial Services Corp., to 'A' from 'A+' and removed the ratings from CreditWatch where they were listed on April 15, 2003. At the same time, the 'A-1' short-term corporate credit ratings, which were not on CreditWatch, were affirmed. Outstanding consolidated long-term borrowings totaled $16.6 billion at Mar. 31, 2003. The outlook is stable.

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