Skip to main content

Standard & Poor's lowers BRP rating

Standard & Poor's lowered its ratings on Bombardier Recreational Products from B-minus to CCC-plus.

The ratings agency said it reduced the rating because of BRP's plan to buy back up to $250 million of its term debt at a discount, according to a recent report in the Canadian Press. S&P said it believes bondholders would only accept a substantial discount if they have doubts about receiving full payment on obligations, even though the term debt is secured.

BRP says it is trying to raise between $40 million and $80 million of new capital to reduce its overall debt. The company said in a statement that this "is not a distressed debt offer" and that S&P's decision "is based on overly rigid guidelines that do not appropriately incorporate BRP's particular situation."

Last month, S&P lowered BRP's long-term corporate credit rating to B-minus from B. S&P also lowered the company's rating on the $790 million (U.S.) senior secured term loan due 2013 to B-minus from B.

Standard & Poor's issues ratings from AAA, the highest, to D, which means payment is in default.

Click here for the full release.

Related

1_LCIEARNS

LCI Reports Increased Sales, Profit

The company said net income more than doubled in the first quarter, and sales to marine manufacturers rose 49 percent.

1_MRAAGRANT

MRAA Proposes ‘BOAT Jobs’ Apprenticeships

The association, backed by 26 marine organizations, is seeking a federal grant to fund the workforce development program.

1_NAUTICALVENTURES

Nautical Ventures Receives Dealer Recognitions

The retailer recently was recognized as dealer of the year by Axopar Boats, Flite and NautiBuoy Marine.

1_TRIGG

NMMA Hands Out Leadership Award

Hammond Marine Industry Leadership Award recipient and former Dometic executive Ned Trigg was recognized for his service to the boating industry.

1_MALIBUEARNSusethisone

Malibu Reports Record Sales, Profit

The company said revenue and net income climbed, aided by increased selling prices and an unexpectedly high number of boats delivered.

norm

New Jersey MTA Celebrates 50 years of Advocacy

As the association marks its Golden Anniversary, recalling its successes is a reminder of the important work MTAs do and why you should be a member of one.

1_ABC

American Boating Congress Begins Tomorrow

The recreational boating and fishing advocacy event is being held in-person for the first time since 2019.

1_BRUNSWICK

Brunswick Corp. Appoints Senior VP, CFO

Neha Clark fills Brent Dahl’s position as senior vice president of Enterprise Finance following Dahl’s appointment to chief financial officer of the Boat Group.

1_DIAMONDBACK

Patrick Completes Acquisition of Diamondback

The wakeboard and ski tower manufacturer will continue to operate independently under the Diamondback Marine brand.