We are raising the issue-level rating on Bombardier Recreational Products Inc.'s (BRP) US$790 million senior secured term loan to 'CCC-' from 'D'. We are also revising the recovery rating on the term loan to '5' from '4'. A '5' recovery rating indicates an expectation of a modest (10%-30%) recovery in the event of a payment default. We are affirming the 'CCC' corporate credit rating on BRP and the 'B-' issue-level rating on the company's C$250 million senior secured revolving credit facility. The '1' recovery rating on the revolver is unchanged. These rating actions follow the termination of BRP's US$250 million program to buy back debt below par. TORONTO (Standard&Poor's) Nov. 9, 2009--Standard&Poor's Ratings Services today said
