Solid market position in the very competitive recreational products industry Improved operating performance Exposure to changes in discretionary spending patterns A well-established and geographically diversified dealer network Aggressive financial policy given significant financial sponsor ownership Weak credit protection measures Adequate liquidity The stable outlook on Valcourt, Que.-based recreational products manufacturer Bombardier Recreational Products Inc. (BRP) reflects Standard&Poor's Ratings Services' opinion that the company will sustain improvement in its operating performance and that credit ratios will be in line with our expectations during our two-year outlook period, including adjusted debt to EBITDA in the 3x-4x range. We could lower the ratings if BRP's financial flexibility weakens because of poor operating performance or sizable dividends, resulting in adjusted debt to
