10:01 AM EDT, 05/03/2024 (MT Newswires) -- Moody's on Thursday upgraded Bombardier's (BBD-A.TO, BBD-B.TO) corporate family rating to "B1" from "B2," its probability of default rating to "B1-PD" from "B2-PD" and senior unsecured notes rating to "B1" from "B2."

At the same time, LearJet Inc.'s backed senior unsecured revenue bonds issued by the Connecticut Development Authority were upgraded to "B1" from "B2." The outlook remains stable.

"The upgrade reflects Bombardier's continued progress of reducing its financial leverage, increasing earnings, improving margins and generating free cash flow", Jamie Koutsoukis, Moody's analyst, noted.

The company's stock gained 1.6% on last look on Friday in Canada.

Price: 71.00, Change: +1.09, Percent Change: +1.56