On May 26, 2006, Standard&Poor's Ratings Services lowered its ratings on recreational products manufacturer Bombardier Recreational Products Inc. (BRP), including its long-term corporate credit rating to 'B+' from 'BB-'. The outlook is negative. In addition, Standard&Poor's assigned its 'BB' bank loan rating, with a recovery rating of '1', to the Valcourt, Que.-based company's proposed C$250 million revolving credit facility, indicating that the asset values provide lenders with the expectation of a high recovery of principal (100%) in a payment default scenario. Standard&Poor's also assigned its 'B+' bank loan rating, with a recovery rating of '3', to the company's proposed US$790 million term loan B facility, indicating that the asset values provide lenders with the
