On April 8, 2009, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on recreational products manufacturer Bombardier Recreational Products Inc. (BRP) three notches to 'CC' from 'CCC+'. At the same time, we lowered the ratings on BRP's US$790 million senior secured term loan three notches to 'CC' from 'CCC+'. The recovery rating on the term loan is unchanged at '4', indicating our expectation of average (30%-50%) recovery for lenders in the event of a payment default. These ratings remain on CreditWatch negative, where they were placed Nov. 24, 2008. In addition, Standard&Poor's affirmed the 'B' rating on the company's C$250 million senior secured revolving credit facility, which was not on CreditWatch. The recovery rating on