On June 18, 2007, Standard&Poor's Ratings Services assigned its 'B+' bank loan rating, with a recovery rating of '3', to Bombardier Recreational Products Inc.'s (BRP) proposed US$1.15 billion term loan B facility, indicating the expectation of a meaningful recovery of principal (50%-70%) in a payment default scenario. The bank loan rating is based on preliminary terms and conditions and is subject to review once we receive full documentation. Proceeds from the new facility will be used to pay a substantial special distribution to shareholders and refinance the company's existing debt. At the same time, Standard&Poor's affirmed its ratings on recreational products manufacturer BRP, including the 'B+' long-term corporate credit rating on the company. The outlook is
