Bombardier Recreational Products Inc. CCR Cut Three Notches To 'CC' From 'CCC+' On Pending Distressed Debt Offer - S&P Global Ratings’ Credit Research

Bombardier Recreational Products Inc. CCR Cut Three Notches To 'CC' From 'CCC+' On Pending Distressed Debt Offer

Bombardier Recreational Products Inc. CCR Cut Three Notches To 'CC' From 'CCC+' On Pending Distressed Debt Offer - S&P Global Ratings’ Credit Research
Bombardier Recreational Products Inc. CCR Cut Three Notches To 'CC' From 'CCC+' On Pending Distressed Debt Offer
Published Apr 08, 2009
793 words — Published Apr 08, 2009
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About This Report

  
Abstract:

TORONTO (Standard&Poor's) April 8, 2009--Standard&Poor's Ratings Services today said lowered its long-term corporate credit rating on recreational products manufacturer Bombardier Recreational Products Inc. (BRP) three notches to 'CC' from 'CCC+'. At the same time, we lowered the ratings on BRP's US$790 million senior secured term loan three notches to 'CC' from 'CCC+'. The recovery rating on the term loan is unchanged at '4', indicating our expectation of average (30%-50%) recovery for lenders in the event of a payment default. These ratings remain on CreditWatch negative, where they were placed Nov. 24, 2008. In addition, Standard&Poor's affirmed the 'B' rating on the company's C$250 million senior secured revolving credit facility, which was not on CreditWatch.

  
Brief Excerpt:

RESEARCH Bombardier Recreational Products Inc. CCR Cut Three Notches To '##' From '###+' On Pending Distressed Debt Offer Publication date: 08-Apr-2009 Primary Credit Analyst: Lori Harris, Toronto (1) 416-507-2546; lori_harris@standardandpoors.com...

  
Report Type:

Ratings Action

Ticker
293168Z@CN
Issuer
Bombardier Recreational Products Inc.
GICS
Leisure Products (25202010)
Sector
Global Issuers
Country
Canada
Region
Canada
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Bombardier Recreational Products Inc. CCR Cut Three Notches To 'CC' From 'CCC+' On Pending Distressed Debt Offer" Apr 08, 2009. Alacra Store. May 24, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Bombardier-Recreational-Products-Inc-CCR-Cut-Three-Notches-To-CC-From-CCC-On-Pending-Distressed-Debt-Offer-714622>
  
APA:
S&P Global Ratings’ Credit Research. (). Bombardier Recreational Products Inc. CCR Cut Three Notches To 'CC' From 'CCC+' On Pending Distressed Debt Offer Apr 08, 2009. New York, NY: Alacra Store. Retrieved May 24, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Bombardier-Recreational-Products-Inc-CCR-Cut-Three-Notches-To-CC-From-CCC-On-Pending-Distressed-Debt-Offer-714622>
  
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