RE:RE:RE:RE:RE:RE:RE:RE:Moody's rationaleFirst, for the reimbursment of 500 M$, they only did a term postponment to 2029. A New debt of 750 M$ and buyback of 750 M$. We have the same debt but with a better reimbursment profile. They didn't use any cash. I only highlighted that I miss a part of the rationale from Bombardier. Why making this operation last week ? I'm waiting the conference call for more explanations.
Second, like you, I try to apply the criterias to the present situation with a low score for the competition factor; I find a 13,5 score for a strong B1 rating, 2 notches above the Moody's B3. I have seen some good scores to some criterias but I have to understand that Moody's has his own way to apply them.
The way that they describe the Bombardier's niche gave me a clear picture about the weight of the ''pure player'' factor.
I don't have to agree or disagree, if I remember well, the 3 rating agencies have the same score and all 3 cross their results with statistical follow up about the bondhorders defaults to test their methodology.