On Feb. 27, 2009, 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 lowered the rating on the company's C$250 million senior secured revolving credit facility due 2011 to 'B+' from 'BB-'. In addition, we lowered the rating on the US$790 million senior secured term loan B due 2013 to 'B-' from 'B'. All ratings remain on CreditWatch with negative implications, where they were placed Nov. 24, 2008. The recovery rating on BRP's C$250 million revolving credit facility is unchanged at '1', indicating an expectation of very high (90%-100%) recovery in a default scenario. However, we revised
