We lowered the long-term corporate credit rating on Bombardier Recreational Products Inc. to 'SD' from 'CC'. We lowered the rating on the company's US$790 million senior secured term loan two notches to 'D' from 'CC'. The recovery rating on the term loan is unchanged. All ratings are removed from CreditWatch negative. These rating actions follow the settlement of the company's below-par debt tender offer, which we view as tantamount to default. On July 2, 2009, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on recreational products manufacturer Bombardier Recreational Products Inc. (BRP) to 'SD' (selective default) from 'CC'. At the same time, we lowered the rating on BRP's US$790 million senior secured term loan two notches to
