Leading market position in the highly competitive recreational products industry Highly cyclical with exposure to changes in discretionary spending Seasonal and weather-dependent A well-established and geographically diversified dealer network Improving credit metrics driven by higher volumes and margin enhancements Aggressive financial policies given sponsor ownership Adequate liquidity The stable outlook on Bombardier Recreational Products Inc. (BRP) is based on Standard&Poor's Ratings Services' expectation that BRP will maintain adjusted debt-to-EBITDA of about 3x and funds from operations (FFO) to debt above 20%. We expect credit measures that are strong for the rating, based on revenue gains from new products and dealer network expansion, modest market share gains in the mature seasonal and year-round products, and margin enhancements from lower
