Established culture of innovation Quality manufacturing, which results in good brand names and leading market shares Parts and accessories business is a source of stable, high margin revenue Strong competitive pressures from well-established Japanese and U.S. manufacturers Cyclical demand with volatility related to the economy, weather, and shifting consumer preferences Potential margin volatility due to currency movements The ratings on Montreal, Que.-based Bombardier Recreational Products Inc. (BRP) reflect the strong competition in the recreational products markets, and the volatile demand for the primary products. These factors are partially offset by BRP's market knowledge, the company's well established dealer network and brand names, and the stable margins and revenues gained from the parts and accessories component of this business. The competitive
