Bombardier Inc. was back in the high-yield market Monday, refinancing bonds due over the next two years just as S&P Global Ratings and Moody’s Investors Service boosted their outlooks for the troubled Canadian planemaker.

The Montreal-based company sold US$750 million of 6.5-year bonds at 6 per cent, the wide-end of pricing guidance offered earlier, according to people familiar with the transaction. Shortly after the deal was first announced S&P raised its outlook on the CCC+ rated company to stable from negative, while Moody’s boosted the firm’s rating one notch to an equivalent Caa1, or seven levels below investment grade.

The “new debt issuance, combined with debt reduction from excess cash, mitigates near-term refinancing risks,” S&P analysts led by Madhav Hari said in a statement. The company now has minimal debt maturities through late 2024, the analyst wrote.

Bombardier last week raised its full-year forecast for adjusted earnings before interest, taxes, depreciation and amortizations to more than US$575 million, from over US$500 million previously. The company’s revenue for the second quarter also topped analysts projections.

The firm last sold bonds June 3, when it issued US$1.2 billion of 7.125 per cent bonds due 2026. The notes traded at about 105.25 cents on the dollar Monday, according to Trace data.

“Bombardier’s proposed US$750 million offering of bonds may support technicals, we believe, and could help its bonds continue to outperform sector peers as the planemaker eyes the clearing of three years worth of maturities amid turnaround efforts,” Bloomberg Intelligence analyst Matthew Geudtner wrote in report Monday.

A representative for Bombardier didn’t provide a comment when contacted by Bloomberg.