On April 2, 2009, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on recreational products manufacturer Bombardier Recreational Products Inc. (BRP) to 'CCC+' from 'B-'. At the same time, we lowered the ratings on BRP's various debt issues by one notch (see list below). We removed the secured revolving credit facility rating from CreditWatch with negative implications because it will not be affected by BRP's proposed distressed debt tender offering. However, the corporate credit and secured term loan ratings remain on CreditWatch negative, where they were placed Nov. 24, 2008. These rating actions follow BRP's announcement that it is seeking bank permission through an amendment to its credit agreement to repurchase term loan debt at a discount
