The ratings on Valcourt, Que.-based Bombardier Recreational Products Inc. (BRP) reflect Standard&Poor's Ratings Services' assessment of the company's weak financial performance, including significant declines in revenue and EBITDA, negative free cash flow, limited financial flexibility, and the need for an equity cure to comply with the financial covenants at April 30, 2009. In addition, competition remains intense within the industry. BRP manufactures motorized recreational products including: 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 (ATV) and roadsters under the Can-Am name, and outboard engines under the Evinrude and Johnson names. BRP's revenues are geographically diversified, with key markets in the U.S.,
