Research Update: Bombardier Recreational Products Inc. Downgraded To 'CC' From 'CCC+' On Pending Distressed Debt Offer; Still On CW Neg - S&P Global Ratings’ Credit Research

Research Update: Bombardier Recreational Products Inc. Downgraded To 'CC' From 'CCC+' On Pending Distressed Debt Offer; Still On CW Neg

Research Update: Bombardier Recreational Products Inc. Downgraded To 'CC' From 'CCC+' On Pending Distressed Debt Offer; Still On CW Neg - S&P Global Ratings’ Credit Research
Research Update: Bombardier Recreational Products Inc. Downgraded To 'CC' From 'CCC+' On Pending Distressed Debt Offer; Still On CW Neg
Published Apr 08, 2009
Published Apr 08, 2009
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Abstract:

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

  
Report Type:

Research Update

Ticker
293168Z@CN
Issuer
GICS
Leisure Products (25202010)
Sector
Global Issuers
Country
Region
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Bombardier Recreational Products Inc. Downgraded To 'CC' From 'CCC+' On Pending Distressed Debt Offer; Still On CW Neg" Apr 08, 2009. Alacra Store. May 24, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Bombardier-Recreational-Products-Inc-Downgraded-To-CC-From-CCC-On-Pending-Distressed-Debt-Offer-Still-On-CW-Neg-714623>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Bombardier Recreational Products Inc. Downgraded To 'CC' From 'CCC+' On Pending Distressed Debt Offer; Still On CW Neg Apr 08, 2009. New York, NY: Alacra Store. Retrieved May 24, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Bombardier-Recreational-Products-Inc-Downgraded-To-CC-From-CCC-On-Pending-Distressed-Debt-Offer-Still-On-CW-Neg-714623>
  
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