Business Aviation
Bombardier Credit Rating Upgrade by Moody’s to Ba3 with Positive Outlook
Bombardier’s credit rating upgraded to Ba3 by Moody’s, supported by strong Q3 2025 financials and strategic debt reduction efforts.

This article is based on an official press release from Bombardier Inc. and supporting financial data. See the original release for full details.
Bombardier Achieves Credit Rating Milestone with Moody’s Upgrade to Ba3
On December 1, 2025, Bombardier Inc. announced a significant financial milestone as Moody’s Ratings upgraded the company’s corporate credit rating from B1 to Ba3. The rating agency also assigned a positive outlook to the Canadian business jet manufacturer. This development marks a pivotal moment in Bombardier’s multi-year turnaround strategy, placing its credit ratings in the Ba/BB category with both major rating agencies for the first first time in over a decade.
According to the company’s official statement, this upgrade reflects consistent operational execution and a strengthened balance sheet. The move by Moody’s follows a similar upgrade by S&P Global Ratings in June 2025, which raised Bombardier to BB- with a stable outlook. Collectively, these ratings signal a material reduction in credit risk and validate the company’s transition into a pure-play business aviation entity.
Financial Discipline Drives Ratings Recovery
The upgrade is underpinned by robust financial performance reported throughout 2025. In its third-quarter financial results, released in November, Bombardier reported revenues of $2.3 billion, representing an 11% year-over-year increase. The company also highlighted a 16% rise in adjusted EBITDA to $356 million, with margins expanding to 15.4%.
Central to the rating agencies’ confidence is Bombardier’s aggressive deleveraging campaign. Since launching its turnaround plan in 2020, the company has reduced its total debt by more than $4.5 billion. Recent fiscal management actions include:
- The repayment of approximately $100 million in debt in November 2025.
- Refinancing $250 million in Q3 2025 to extend maturity profiles.
- A projected net leverage ratio of 2.0x–2.5x by the end of 2025.
Additionally, the company generated $152 million in free cash flow during the third quarter of 2025, a substantial improvement of $279 million compared to the same period in the previous year.
Executive Perspective
Bart Demosky, Executive Vice President and CFO of Bombardier, issued a statement emphasizing the strategic importance of returning to the Ba/BB rating tier. He attributed the achievement to the company’s disciplined capital allocation and the successful expansion of its aftermarket and defense segments.
“With a robust backlog ensuring visibility on future deliveries and the continued expansion of our Services and Defense businesses, we are building diversified and resilient revenue streams that strengthen our long-term outlook.”
— Bart Demosky, Executive Vice President and CFO, Bombardier
Demosky noted that the “positive” outlook attached to the Moody’s rating suggests the potential for further upgrades if the company maintains its current trajectory over the next 12 to 18 months.
AirPro News Analysis: The Defense Pivot
While the recovery of the private aviation market has been central to Bombardier’s success, we observe that the diversification into defense and specialized aircraft is a critical factor in stabilizing its credit profile. The company is forecasting its defense division revenues to triple to over $1 billion by the second half of the decade. Unlike the cyclical nature of private jet sales, government defense contracts provide long-term, predictable revenue streams that appeal to credit rating agencies.
Furthermore, the growth of the aftermarket services segment, which grew 12% year-over-year in Q3 2025 to $590 million, provides a steady cash flow buffer that insulates the company from manufacturing volatility. With a backlog standing at $16.6 billion as of September 30, 2025, Bombardier appears well-positioned to defend its new credit standing.
Sources
Sources: Bombardier Press Release, Moody’s Ratings, S&P Global Ratings.
Photo Credit: Bombardier
Business Aviation
Daher TBM 980 Orderbook Extends to Mid-2027 at AirVenture
Daher Aircraft reports 30+ TBM 980 deliveries in six months and targets 60-plus for 2026, with orders booked into mid-2027.

Daher Aircraft announced at the Experimental Aircraft Association (EAA) AirVenture in Oshkosh, Wisconsin, on July 20, 2026, that its new TBM 980 turboprop has secured an orderbook extending into mid-2027. The backlog follows the completion of more than 30 deliveries during the aircraft’s first six months on the market.
In a press release issued during the event, the manufacturer stated it is targeting a record 60-plus deliveries for the TBM 980 in 2026. The sales momentum underscores robust demand in the single-engine turboprop sector and validates Daher’s strategy of continuous incremental upgrades.
Delivery milestones and production targets
Since Daher officially unveiled the TBM 980 at its Tarbes, France, headquarters on January 15, 2026, the aircraft has maintained a rapid delivery pace. The company marked the European debut of the aircraft at the AERO Friedrichshafen show in April 2026 by handing over the 1,300th TBM family airplane, which was a TBM 980.
Daher Aircraft CEO Nicolas Chabbert attributed the strong market reception to the company’s focus on product quality and customer satisfaction.
“The TBM’s success has always been built on purposeful innovation. The exceptional response to the TBM 980, including the confidence shown by existing TBM owners, demonstrates how our strategy continues to resonate with customers around the world,” Chabbert said.
He added that each new version incorporates improvements while preserving the qualities that make the TBM a benchmark in its category.
Market dynamics and the TBM 980 upgrade
The TBM 980 represents the sixth iteration in the TBM 900 series since Daher acquired the product line in 2014. According to reporting by the Aircraft Owners and Pilots Association (AOPA), the aircraft features the Garmin G3000 PRIME avionics suite, which includes three 14-inch edge-to-edge touchscreen displays. It is powered by a Pratt & Whitney Canada PT6E-66XT engine and includes the HomeSafe emergency autoland system.
Reporting by Aviation International News indicates that more than half of the customers purchasing the TBM 980 are repeat buyers. This brand loyalty is supported by a tight preowned market for previous generation TBM aircraft. Just Helicopters and Aviation International News report that only three TBM 960s out of 218 built and four TBM 940s out of 124 built are currently available on the preowned market.
Alongside the TBM 980 updates at EAA AirVenture, Daher also announced an expansion of its customer support network for the Kodiak aircraft family, adding authorized service centers in California, Arizona, and Bangkok.
AirPro News analysis
We view Daher’s success with the TBM 980 as a textbook execution of the incremental upgrade model. By introducing meaningful technological advancements like the Garmin G3000 PRIME suite without altering the fundamental airframe, Daher provides a compelling reason for existing owners to trade up. The exceptionally low inventory of preowned TBM 940 and TBM 960 models indicates that these trade-ins are quickly absorbed by the secondary market, maintaining high residual values that further incentivize new purchases. If Daher achieves its target of 60 deliveries in 2026, it will cement the TBM 980 as one of the most successful product launches in the history of the single-engine turboprop segment.
Sources: Daher Aircraft
Photo Credit: Daher Aircraft
Business Aviation
Gulfstream G500 and G600 Fleet Reaches 400th Delivery
Gulfstream delivers its 400th combined G500 and G600 aircraft to an Asia-Pacific customer, marking 519,000+ fleet flight hours.

Gulfstream Aerospace Corp. has handed over the 400th aircraft from its combined G500 and G600 fleet to a customer in the Asia-Pacific region, a milestone that highlights ongoing global demand for the manufacturer’s large-cabin business jets. The aircraft was outfitted at Gulfstream’s facility in St. Louis, Missouri, prior to delivery.
In a press release issued on July 20, 2026, the Savannah, Georgia-based company confirmed the delivery and detailed the operational maturity of the two aircraft types. The milestone arrives 20 months after Gulfstream announced the 300th delivery of the G500 and G600 in November 2024.
Operational maturity and speed records
Since entering service, the combined G500 and G600 fleet has accumulated more than 519,000 flight hours and surpassed 200,000 total landings. The aircraft feature the Gulfstream Symmetry Flight Deck and the Gulfstream Cabin Experience, which the company credits with driving continued customer interest.
The G500 and G600 program has established a significant track record for speed, achieving over 190 city-pair speed records. Gulfstream aircraft hold 815 city-pair speed records overall. Both the G500 and G600 have a maximum operating speed of Mach 0.925.
The manufacturer highlighted a recent record-setting flight by a G600 to illustrate the fleet’s capabilities. The aircraft flew from Sapporo, Japan, to Savannah, Georgia, covering a distance of 5,835 nautical miles (10,806 kilometers). The flight was completed in 11 hours and 38 minutes at an average cruise speed of Mach 0.88.
“Reaching 400 deliveries is a testament to the confidence customers around the world continue to place in Gulfstream and in the G500 and G600,” said Mark Burns, president of Gulfstream Aerospace Corp. “Together, these aircraft have fueled sustained demand for our next-generation fleet and play a pivotal role in Gulfstream’s vision to offer an aircraft for every mission.”
Regulatory approvals expand operational scope
The 400th delivery follows a series of regulatory developments for the G500 and G600 earlier in 2026. On January 12, 202
Photo Credit: Gulfstream
Business Aviation
Pilatus PC-24 Adds Gogo Galileo LEO Broadband Connectivity
Pilatus Aircraft offers Gogo Galileo LEO internet on the PC-24 with FAA and EASA certification for new builds and retrofits.

Pilatus Aircraft has introduced Gogo Galileo high-speed internet as a factory-installed option for the Pilatus PC-24, bringing low-latency broadband connectivity to the light jet platform.
In a press release issued on July 1, 2026, the manufacturers confirmed the integration utilizes the Eutelsat OneWeb Low Earth Orbit (LEO) satellite network to provide global coverage capable of supporting video conferencing, media streaming, and cloud-based services. The system has received certification from both the Federal Aviation Administration (FAA) and the European Union Aviation Safety Agency (EASA), making it available for new production aircraft as well as retrofits for the in-service fleet.
Lufthansa Technik entertainment integration and cabin upgrades
Alongside the connectivity upgrade, Pilatus detailed a new integrated cabin management and entertainment system developed in partnership with Lufthansa Technik. The system features a 10-inch touchscreen display that allows passengers to control cabin functions and access media directly from their seats.
The audio experience has also been upgraded as part of the new package. The configuration includes four cabin loudspeakers paired with a subwoofer. To maximize cabin comfort and flexibility, Pilatus introduced a side-facing divan option measuring nearly 2 meters in length, expanding the seating and resting configurations available to PC-24 operators.
Expanding LEO connectivity across the Pilatus fleet
The PC-24 announcement follows recent connectivity advancements for the manufacturer’s turboprop line. On June 16, 2026, SD Government and Pro Star Aviation secured an FAA Supplemental Type Certificate (STC) for the installation of the Gogo Galileo HDX system on the Pilatus PC-12.
This earlier approval marked the first LEO satellite connectivity option for the single-engine PC-12. The sequential rollout indicates a broader push to equip the Pilatus product line with modern, high-speed satellite internet capabilities regardless of aircraft class.
AirPro News analysis
We view the integration of LEO satellite networks like Eutelsat OneWeb into light jets and turboprops as a critical shift in business aviation expectations. Historically, high-speed, low-latency internet was restricted to midsize and large-cabin business jets due to the size, weight, and power requirements of traditional geostationary satellite antennas. The smaller form factor of Gogo Galileo hardware allows manufacturers like Pilatus to offer heavy-jet connectivity standards on platforms like the PC-24 and PC-12 without compromising payload or aerodynamic efficiency. As LEO networks mature, factory-installed broadband is rapidly transitioning from a premium upgrade to a baseline requirement for new business aircraft.
Sources: Pilatus Aircraft
Photo Credit: Pilatus Aircraft
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