Moody’s gives Doosan notes Ba3

Moody’s Investors Service said it assigned Ba3 rating to proposed dollar-denominated senior secured notes to be sold by Clark Equipment Co., a subsidiary of Doosan Bobcat Inc. Doosan will guarantee the notes.

Proceeds will be used for general corporate purposes.

Moody’s also changed the outlook for both companies to stable from positive.

"The change in DBI's outlook to stable from positive reflects our expectation that its financial leverage over the next 12-18 months will increase because of softer earnings and an increase in debt, as well as increased group-related risks," said Wan Hee Yoo, a Moody's vice president and senior credit officer, in a press release.

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