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Nov 27, 2017

DBRS upgrades Bombardier to stable

Bombardier

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MONTREAL - DBRS Ltd. has upgraded Bombardier Inc. slightly to a trend of stable from negative, one month after Moody's downgraded the transportation company.

The rating service on Monday maintained its B rating.

However, DBRS notes that there is evidence of stabilization in the company's (BBDb.TO) financial profile, "albeit at a very weak level," and an outlook for modest improvement over the next 12 months.

It says there has been material progress in improving margins, especially in the rail division, over the last two years and there is "greater visibility" about the viability of the C Series following the Airbus partnership.



DBRS says strategic moves like the Airbus deal and development of the Global 7000 business jet demonstrated the more stable footing, while its cash position remains "adequate" in the near-term.

The rating comes about a month after Moody's Investors Service downgraded Bombardier's corporate rating to B3 from B2 and changed its rating outlook to negative from stable.

Moody's said its downgrade reflected the belief that Bombardier's debt will remain high through 2019 and it will face challenges in generate positive cash flow because of the potential delay of C Series deliveries.