On Dec. 2, 2003, Standard and Poor's Ratings Services initiated coverage on motorized recreational products manufacturer Bombardier Recreational Products Inc. (BRP) and assigned a 'B+' long-term corporate credit rating. At the same time, Standard&Poor's assigned its 'B+' rating to BRP's proposed C$360 million seven-year senior secured term loan B and its C$250 million five-year senior secured revolving credit facility. Standard&Poor's also assigned its 'B-' rating to BRP's proposed issuance of US$200 million 2013 senior subordinated notes. The outlook is stable. Proceeds will be used to finance the acquisition of the recreational products division from Bombardier Inc. for approximately C$1 billion. The rating on the proposed credit facility is based on preliminary offering statements and is subject
