BBD


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BBD

(electronics)
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BA anticipates that business jet deliveries in calendar 2011 will be up slightly but that commercial aircraft deliveries will be down (roughly flat if annualized for the 11-month forecast period; BBD plans to change its year-end to Dec.
Over the long term, BBD intends to strengthen its financial position in order to reduce its cost of funds and improve its financial and strategic flexibility.
BBD has increasingly used off-balance sheet debt to support its liquidity, including sale-leaseback facilities used to fund inventories of used business jets.
On the other hand, the Outlook could return to Stable if conditions in BBD's aerospace markets stabilize and BBD is able to reduce debt and leverage.
BBD estimates pension contributions at $336 million in fiscal 2011.
Over the long term, BBD remains focused on building a stronger capital structure and further reducing leverage, which would help reduce its cost of funds and improve the company's financial and strategic flexibility.
BBD is better positioned than in the past to adjust to the difficult operating environment due to previous debt reduction and high cash balances (BBD does not have a bank credit facility).
BBD should be able to fund its portion using internally generated cash or cash balances.
Fitch's concerns regarding the program include execution of the development and certification plan (which is a common concern for all new aircraft programs), the potential need for BBD to finance some deliveries, the supply chain, market demand, and potential competitor responses.
BBD has not announced any launch orders, but if sufficient orders are received, BBD could launch the CSeries by the end of 2008, with entry into service expected in 2013.
The debt redeemed yesterday by BBD included approximately $407 million of Euro-denominated 5.
BBD is seeing improved demand and better pricing for its business jets, consistent with industry-wide conditions.