The ratings on Valcourt, Que.-based Bombardier Recreational Products Inc. (BRP) reflect its significant debt leverage, volatile demand for the company's primary products, highly seasonal operating profits, and intense competition. These factors are partially offset by the company's solid market position, brand equity, well-established dealer network, and the stable margins and revenues of the parts and accessories component of the business. BRP is a manufacturer of motorized recreational products. The company manufactures snowmobiles under the Ski-Doo and Lynx brand names, watercraft and sport boats under the Sea-Doo name, power sport engines under the Rotax name, all-terrain vehicles under the Can-Am name, and outboard engines under the Evinrude and Johnson names. BRP's revenues are geographically diversified, with key markets being the U.S.,
