The ratings on Valcourt, Que.-based recreational products manufacturer Bombardier Recreational Products Inc. (BRP) reflect Standard&Poor's Ratings Services' assessment of the company's vulnerable business risk profile and weak credit protection measures resulting from significant declines in revenue and EBITDA, covenant concerns, and negative free cash flow in the past couple of years. 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., Canada,
