Statement from Bart Demosky, Executive Vice President and CFO, Bombardier, on Moody's Ratings Upgrade to Ba3 from B1

Executive Summary

• Moody’s upgraded Bombardier’s credit rating from B1 to Ba3 with a positive outlook, returning the company to the Ba/BB category for the first time in over a decade.
• The upgrade reflects strong execution across business segments, solid financial performance, disciplined deleveraging, and a robust order backlog.
• Management highlighted diversified revenue streams, growth in Services and Defense businesses, and continued focus on delivering returns on capital.

Key Details

• Rating Change: Moody’s rating moved from B1 to Ba3; outlook upgraded to positive.
• Comparative Position: Bombardier now aligns with S&P’s Ba/BB rating tier for the first time in more than ten years.
• Drivers of Upgrade:
• Consistent execution across all business segments.
• Solid financial performance and disciplined deleveraging over recent years.
• Robust backlog providing visibility on future deliveries.
• Expansion of Services and Defense businesses, creating diversified and resilient revenue streams.
• Strategic Implications: Enhanced credit profile supports Bombardier’s plan to fund growth initiatives, invest in product development, and deliver returns on capital.
• Management Commentary: CEO/President expressed appreciation for the team’s dedication and highlighted the rating upgrade as a key milestone reflecting the company’s long‑term outlook.

Notable Quotes

“I want to extend my appreciation to the entire Bombardier team: your dedication and commitment have been instrumental in reaching this important milestone.” – Executive leadership, Bombardier.