On Nov. 24, 2008, Standard&Poor's Ratings Services lowered its ratings on recreational products manufacturer Bombardier Recreational Products Inc. (BRP), including the long-term corporate credit rating to 'B' from 'B+'. At the same time, we placed the ratings on CreditWatch with negative implications. The recovery ratings on the bank loan are unchanged. The downgrade and CreditWatch placement reflect Standard&Poor's concerns that in the current economic downturn BRP's revenue, operating profit, credit protection measures, and financial flexibility will weaken significantly in the near term. Consumer spending for "big ticket" discretionary items, such as BRP's personal watercraft, marine engines, and ATVs, has declined considerably this year, and we don't expect a recovery in 2009. While BRP has reduced production
