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Bond Market News
Bombardier Upgraded to Ba3 by Moody’s
November 27, 2025
Bombardier was upgraded by a notch to Ba3 from B1 by Moody’s. The upgrade reflects Bombardier’s continued improvement in financial leverage, stronger earnings and margins, and solid free cash flow (FCF) generation. The company has delivered positive free cash flow since 2021 and is expected to generate FCF of more than $500mn in 2025. Its adjusted operating margin rose to 11.4% for the 12 months ending September 2025, supported by strong revenue visibility with a $16.6bn backlog. Bombardier is also reducing its debt, with $350mn slated for repayment by end-2025 and further reductions anticipated through 2026. Bombardier’s rating is also supported by very good liquidity, sizable scale, and a strong position in the business jet market, as per Moody’s. Liquidity remains robust with $1.2bn in cash, full access to a $450mn ABL facility with the company projected to generate about $650mn of FCF in 2026. Earlier in June, it was upgraded to BB- by S&P.
Its dollar bonds traded stable with its 7.5% 2029s at 104.1, yielding 5.03%.
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