Leading market position in the highly competitive recreational products industry A well-established and geographically diversified dealer network Increasing product diversity leading to stable profitability levels Exposure to discretionary spending could lead to significant volatility Low leverage measures of 2.0x-2.5x Adequate liquidity Given financial sponsor ownership, potentially aggressive shareholder-friendly policies could lead to higher leverage The stable outlook reflects S&P Global Ratings' view that Bombardier Recreational Products Inc. (BRP) will maintain an adjusted debt-to-EBITDA of 2.0x-2.5x and funds from operations (FFO)-to-debt above 30% over the next 12 months, driven by the company's current product portfolio and improving operating efficiency. We also expect BRP will continue to strengthen its profitability based on revenue gains from new products, modest market share gains, and
