Fitch lifts Cummins notes

Fitch Ratings said it upgraded the ratings on the senior unsecured notes of Cummins Inc. to BB+ from BB-, reflecting improved operating performance, strengthening of the balance sheet and alignment with the company's senior unsecured bank facility.

The rating on the company's junior convertible subordinated debentures has been upgraded to BB- from B+, Fitch added.

The outlook is stable.

Fitch said Cummins has shown greatly improved operating results during 2004 and into 2005 due to the strong upswing in the cyclical heavy-duty truck market, healthy conditions across its other major markets and market acceptance of Cummins' emission-compliant product line.

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