Bombardier Recreational Products Inc. Downgraded To 'CCC+' From 'B-' On
Pending Distressed Debt Offer;Still On Watch Neg
from S&P Credit Research

Abstract: TORONTO (Standard&Poor's) April 2, 2009--Standard&Poor's
Ratings Services today said it lowered its long-term corporate credit
rating on recreational products manufacturer Bombardier Recreational
Products Inc. (BRP) to 'CCC+' from 'B-'. At the same time, we lowered
the ratings on BRP's various debt issues by one notch. We removed the
secured revolving credit facility rating from Credi****ch with negative
implications because it will not be affected by BRP's proposed
distressed debt offering. However, the corporate credit and secured term
loan ratings remain on Credi****ch negative, where they were placed Nov.
24, 2008.

CCC+ is about the lowest rating a corporation can receive and still be
considered a going business. Ford also has a CCC+ S&P rating.