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“The worst-case scenario would be that Bombardier suddenly has a parking lot full of airplanes,” Hamilton said in an interview.

“The time is getting close for them to decide what to do with those airplanes — either build them and hope that the deliveries will be made or reschedule them or resell the positions,” he said.

Hamilton said the riskiest orders could pose an opportunity for Bombardier to offer the delivery slots to a new big-name customer instead — something the CSeries is sorely lacking.

Bombardier spokeswoman Isabelle Gauthier said the company has had no indication that any of its customers are planning to delay or cancel their orders.

“These are firm agreements that are in place and we’re really confident in our customers’ ability to take delivery of the aircraft as planned,” Gauthier said in an interview.

One of the CSeries customers with a red rating is Russian lessor Ilyushin Finance Co. (IFC), which has placed 32 firm orders for the CSeries with options for another 10. The company said in April that it is “re-evaluating” its order because of an inability to secure financing from Economic Development Canada, which has stopped doing business in Russia due to sanctions imposed by the federal government in response to the ongoing conflict in Ukraine.

Hamilton pointed out that two of the airlines IFC plans to lease the aircraft to —UTair Aviation in Ukraine and VIM Airlines in Russia — may not need or want the aircraft anymore because of geopolitical and economic issues, adding further risk to the IFC order.