TORONTO (Standard&Poor's) July 8, 2005--Standard&Poor's Ratings Services today said it raised its ratings on recreational product manufacturer Bombardier Recreational Products Inc. (BRP), including its long-term corporate credit rating, to 'BB-' from 'B+'. At the same time, the ratings were removed from CreditWatch where they were placed with positive implications Feb. 16, 2005. The ratings upgrade reflects material reductions in leverage over the past year. The outlook is now stable. BRP's progress has exceeded expectations that were factored into the initial rating. "BRP has significantly improved its working capital management allowing for significant debt reduction," said Standard&Poor's credit analyst Kenton Freitag. Market share for its key products has increased, despite efforts to reduce the number
