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Jun 1, 2018

DBRS upgrades outlook on Bombardier on improved finances; keeps rating unchanged

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MONTREAL -- DBRS Ltd. says it has changed its trend outlook on Bombardier Inc. from stable to positive, but kept its credit rating unchanged at B.

The credit rating agency says the financial performance of the plane and train manufacturer over the past two quarters has improved its financial expectations for the company this year and next.

DBRS says it now thinks Bombardier can achieve free cash flow breakeven status this year, and sees continued margin improvements in several company divisions including business aircraft.

The agency says it is also more comfortable with the new management's ability to deliver on goals after past challenges, and welcomes Bombardier's focus on paying down debt.

The rating agency had upgraded its outlook on the company from negative to stable last November but kept its credit rating unchanged at B.

Moody's Investor Service downgraded Bombardier's rating from B2 to B3 last October and switched its outlook from stable to negative. It said in March that the company's plan to sell equity to strengthen its balance sheet is credit positive, but that the move did not change its rating or outlook.