10:26 AM EDT, 06/05/2024 (MT Newswires) -- S&P Global Ratings on Tuesday upgraded its issuer credit rating on Bombardier (BBD-A.TO, BBD-B.TO) to "B+" from "B" and raised its issue-level rating on the company's unsecured debt to "B+" from "B".

The '4' recovery rating on about US$5.6 billion of corresponding notes and debentures is unchanged.

Additionally, the rating agency upgraded its rating on the company's preferred shares to "CCC+" from "CCC."

The agency noted that the business aviation company's growth in its higher-margin aftermarket services business, sustainability of its sizable US$14.9 billion backlog amid stable demand, and debt repayment plans are expected to result in continued deleveraging over the next couple of years.

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