MONTREAL, May 02, 2023 (GLOBE NEWSWIRE) -- Bombardier is pleased to share that S&P Global Ratings has upgraded the company’s credit rating from B- to B, citing solid execution, successful deleveraging efforts, backlog stability and effective management of supply chain risks as contributing factors as part of a release issued on May 1, 2023. S&P Global Ratings’ outlook for Bombardier remains stable.
“This upgrade comes on the heels of a solid first quarter and reflects the company’s positive trajectory toward its objectives. This enhanced rating is a testament to Bombardier’s solid plan and financial discipline, as well as to the commitment of its talented teams,” said Bart Demosky, Executive Vice President and Chief Financial Officer. “We remain focused on delivering a robust and predictable financial performance, all while providing an incredible experience to our valued customers.”
As part of its recently published quarterly results for Q1 2023, Bombardier reported positive net income as well as higher year-over-year revenues and profit margins. During the first three months of 2023, Bombardier also continued its strong progress on debt reduction with a repayment of approximately $400 million from cash on balance sheet and ended the first three months of 2023 with a stable, diversified $14.8 billion dollar backlog. Also, during the first quarter, Moody’s Investors Service upgraded Bombardier’s corporate family and Senior unsecured notes rating to B2.
“Allow me to reiterate that I am very pleased with how we have started 2023,” added Demosky. “We have built Bombardier to perform well with a solid company structure, and we continue to show great progress toward our raised 2025 objectives.”
All amounts in this press release are in U.S. dollars, unless otherwise indicated.
Certain statements in this announcement are forward-looking statements based on current expectations. By their nature, forward-looking statements require us to make assumptions and are subject to important known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from those set forth in the forward-looking statements.
Bombardier (BBD-B.TO) is a global leader in aviation, focused on designing, manufacturing, and servicing the world's most exceptional business jets. Bombardier’s Challenger and Global aircraft families are renowned for their cutting-edge innovation, cabin design, performance, and reliability. Bombardier has a worldwide fleet of approximately 5,000 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments, and private individuals. Bombardier aircraft are also trusted around the world in government and military special-mission roles leveraging Bombardier Defense’s proven expertise.
Headquartered in Greater Montréal, Québec, Bombardier operates aerostructure, assembly and completion facilities in Canada, the United States and Mexico. The company’s robust customer support network services the Learjet, Challenger and Global families of aircraft, and includes facilities in strategic locations in the United States and Canada, as well as in the United Kingdom, Germany, France, Switzerland, Italy, Austria, the UAE, Singapore, China and Australia.
For corporate news and information, including Bombardier’s Environmental, Social and Governance report, as well as the company’s plans to cover all its flight operations with Sustainable Aviation Fuel (SAF) utilizing the Book and Claim system visit bombardier.com. Learn more about Bombardier’s industry-leading products and customer service network at businessaircraft.bombardier.com. Follow us on Twitter @Bombardier.
Learjet, Challenger and Global are registered trademarks of Bombardier Inc.
Francis Richer de La Flèche