Continuing material negative free cash flow, elevated leverage
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January 17, 2020 - by
Toronto, January 16, 2020 -- Moody's Investors Service, ("Moody's") today changed the rating outlook for Bombardier Inc. ("Bombardier") to negative from stable.
At the same time, Moody's affirmed its B3 Corporate Family rating, B3-PD Probability of Default rating and Caa1 Senior Unsecured ratings. The company's SGL-2 speculative grade liquidity rating remains unchanged.
"Bombardier's continuing material negative free cash flow, elevated leverage, additional cash investment required for the A220 aircraft and its announcement that it is pursuing strategic options to accelerate deleveraging is reflected in the outlook revision to negative." said Jamie Koutsoukis, Moody's Vice-President, Senior Analyst.
..Issuer: Bombardier Inc.
.... Corporate Family Rating, Affirmed B3
.... Probability of Default Rating, Affirmed B3-PD...