Statement from Bart Demosky, Executive Vice President and CFO, Bombardier, on Moody’s Ratings Upgrade to B2
On April 5, 2023, Bombardier announced a rating increase from Moody's, highlighting the company's significant progress in debt reduction, earnings growth, and free cash flow generation. This rating boost aligns with Bombardier's updated 2025 objectives presented at their recent Investor Day. The company's strategic plan from 2021 remains on track, focusing on reducing debt and improving financial performance. With a global fleet of approximately 5,000 aircraft and a strong customer support network, Bombardier is optimistic about its future. The company emphasizes its commitment to sustainable practices, aiming to utilize Sustainable Aviation Fuel (SAF) for all operations.
- Moody's rating increase reflects progress in debt reduction and earnings.
- Consistent free cash flow generation indicates financial health.
- All strategic priorities from the 2021 plan are on track or ahead.
- Strong global customer base with approximately 5,000 aircraft in service.
- None.
MONTRÉAL, April 05, 2023 (GLOBE NEWSWIRE) -- All of us at Bombardier are very pleased with Moody’s rating increase, announced yesterday. It represents another affirmation of the meaningful progress we have made so far, particularly on debt reduction, earnings, and positive free cash flow generation, and is in line with the updated 2025 objectives we presented just last month during our Investor Day 2023 (the recording of the webcast is available here).
Our performance so far is giving us great momentum in our continued efforts to further reduce our debt and net leverage, which remains a top priority in repairing our balance sheet and improved financial performance. Thanks to our steadfast execution of the strategic plan announced in 2021, all of Bombardier’s strategic priorities are on track or ahead of plan, and we are looking to the future with optimism.
About Bombardier
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.
| For Information | |
| Francis Richer de La Flèche Vice President, Financial Planning and Investor Relations Bombardier +1 514 240 9649 | Mark Masluch Senior Director, Communications Bombardier +1 514 855 7167 |
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