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Rating Action:

MOODY'S CONFIRMS DEBT RATINGS OF BOMBARDIER, INC. AND ITS SUBSIDIARY BOMBARDIER CAPITAL, INC. (SR. AT A3)

04 Aug 2000
MOODY'S CONFIRMS DEBT RATINGS OF BOMBARDIER, INC. AND ITS SUBSIDIARY BOMBARDIER CAPITAL, INC. (SR. AT A3)

Approximatelly $3.3 Billion of Rated Debt Affected

New York, August 04, 2000 -- Moody's Investors Service confirmed its debt ratings for Bombardier, Inc.(Bombardier) and its subsidiary Bombardier Capital Inc. after the announcement by Bombardier Inc. that it has signed an agreement with DaimlerChrysler AG of Germany to acquire its subsidiary DaimlerChrysler Rail Systems GmbH (Adtranz) for a cash consideration of US $725 million. The rating outlook is stable. Moody's noted that proceeds from the planned disposal of some of Adtranz's businesses, namely Fixed installations and Signalling, currently in the process of being sold to other parties, are expected to reduce the net purchase price for Bombardier. The confirmation reflects the synergies between Bombardier's transportation operations and those of Adtranz, Bombardier's strong balance sheet and its sizable expected cash flows which should enable the company to materially reduce the acquisition debt quickly. It also reflects Moody's opinion that while this transaction will increase financial leverage at Bombardier's balance sheet in the near-term, the incremental risk for bondholders will not be significant because of the relative size of the acquisition and the company's strong balance sheet.

The ratings confirmed are:

Bombardier Inc.-- its A3 issuer rating.

Bombardier Capital Inc.--its Prime -2 short-term debt rating; the A3 senior debt rating; and the A3 rating for its MTN program.

Moody's assessment of the transaction focused on the potential synergies between the two entities as well as on the impact of the acquisition on Bombardier's cash flow and balance sheet. The rating agency concluded that while Adtranz's past performance has not been inspiring, the combination of the two businesses will make Bombardier one of the world leaders in all activities of the rail transportation sector and assuming a successful assimilation there should be material synergies in terms of cost-savings as well as marketing and technological potential. Such marketing and technological synergies stem from the fact that this acquisition will complement Bombardier's transportation business in terms of geographical markets, products and services, and will broaden the group's capabilities in the rail sector. Moody's also said that while the acquisition will weaken the company's financial condition somewhat in the near-term, the outlook for continued strong earnings and cash flow from Bombardier's other businesses, particularly its aircraft manufacturing operations, provide ongoing support for the rating. While the rating outlook remains stable, Moody's noted that growth and performance trends at the company's captive finance subsidiary, Bombardier Capital Inc., as well as the magnitude of capital requirements for continued growth of the core manufacturing businesses will be key considerations in Moody's ongoing assessment of the ratings.

Bombardier Inc., headquartered in Montreal, Quebec, is a diversified company involved primarily in the aerospace, transportation, motorized consumer products, and financial services markets.

Bombardier Capital Inc., headquartered in Colchester, Vermont, is an indirect wholly owned finance subsidiary of Bombardier Inc. and finances its parent company products and provides sales financing and capital services to third parties.

New York
Michael J. Mulvaney
Managing Director
Corporate Finance
Moody's Investors Service
JOURNALISTS: (212) 553-0376
SUBSCRIBERS: (212) 553-1653

New York
Tassos Philippakos
Senior Vice President
Corporate Finance
Moody's Investors Service
JOURNALISTS: (212) 553-0376
SUBSCRIBERS: (212) 553-1653

No Related Data.
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