Moody's Investors Service on Wednesday raised its credit outlook for heavy equipment maker Caterpillar Inc. and the company's financing arm, Caterpillar Financial Services Corp.
The agency said Caterpillar has strengthened its business model through restructuring last year. In its most recently quarterly filing in April, the company said that it reversed its first-quarter losses and was ramping up production as demand improves with the global economy.
Moody's said the outlook on the company's investment-grade "A2" rating is now "Stable," up from "Negative."
Caterpillar shares were up $1.32, or about 2 percent, at $60.59 in afternoon trading.
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