Fitch Ratings affirmed the A long-term issuer default ratings of Caterpillar Inc., Caterpillar Financial Services Corp. and units Caterpillar International Finance Ltd. and Caterpillar Finance Corp.

The rating agency also affirmed the F1 short-term issuer default ratings of Caterpillar Inc., Caterpillar Financial Services and unit Caterpillar Financial Australia Ltd.

The outlook was revised to negative from stable.

The outlook is based on the impact of the extended downturn in Caterpillar Inc.'s machinery markets and an increased risk that the company could face challenges to rebuild its operating and financial performance to levels that support the current ratings.

Caterpillar Financial Services' ratings and outlook are equalized with Caterpillar Inc.'s. Fitch considers Caterpillar Financial Services as a core subsidiary of Caterpillar Inc. based on the 100% ownership, shared brand name, importance of Caterpillar Financial Services to achieving Caterpillar Inc.'s strategic objectives and the support agreement between the two entities.