RE:RE:RE:RE:RE:RE:RBC: BBD remains our top idea You're right.
I made some research and the Moody's methodology for aerospace companies (ex Bombardier) has this framework:
Scale (size) 20%
Business profile (Competitive position, stability) 20%
Profitability 5%
Leverage ans coverage 35%
Financial Policy 20%
Read that Financial policy is strongly related to leverage and coverage. Surprisingly, profitability is only 5 % but there a trick; coverage is strongly related to profitability.
So, the global risk of an Aerospace company is in first related to its financial position and its financial policies. That means that if these elements are strongs, the average risk would be good.
Moody's is not so different than investors for the perception of the risk for a company.