Story ID: 
Bombardier Gets Moody’s Rating Upgrade
By: Kerry Lynch
Caption: Moves to Ba/BB category with both Moody’s, S&P for the first time in more than a decade
Word Count: 225
Moody’s has upgraded Bombardier’s credit rating from B1 to Ba3 with a positive outlook, bringing the Montreal-based manufacturer back into the Ba/BB category with both that rating agency and with S&P for the first time in more than a decade.
The change in ratings follows a period when Bombardier’s backlog had grown to $16.6 billion by the end of the third quarter, adjusted net income had jumped 59% year over year to $227 million on revenues of $2.3 billion, and available liquidity had reached $1.6 billion. It also marks the company’s slow climb out of deep debt that forced it to sell off all of its non-business-aviation businesses—including regional jets and turboprops, aerostructures, and rail—and evolve into a pure-play business aviation company in January 2021.  
“This achievement reflects the company’s strong and consistent execution across business segments, solid financial performance, and disciplined deleveraging efforts over recent years,” said Bart Demosky, Bombardier executive v-p and CFO, in a statement yesterday. “With a robust backlog ensuring visibility on future deliveries and the continued expansion of our services and defense businesses, we are building diversified and resilient revenue streams that strengthen our long-term outlook.”
Demosky added that the airframer's strengthened financial footing and diversified revenue streams are reinforcing its ability to grow across its portfolios.