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Bond Market News
Bombardier Upgraded to B1 by Moody’s
May 3, 2024
Bombardier and its senior unsecured debt ratings were upgraded by a notch to B1 from B2 by Moody’s. The upgrade reflects the company’s progress in increasing its earnings and improving its cash flows along with reducing its financial leverage, according to Moody’s. Bombardier improved its adjusted operating margins to 10% in 2023 compared to 8% a year ago and has actively reduced debt by repaying $425mn in 2023 and $100mn thus far in 2024. Moody’s added that Bombardier company does not face any meaningful maturities until mid-2026 and the revenue visibility remains strong, as per Moody’s.
Bombardier’s dollar bonds traded slightly higher with its 7.875% 2027s up at 100.25 cents on the dollar, yielding 4.34%
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