A Canadian transportation giant is on track for more job cuts. With its stock taking a beating on news of slim profits, Montreal-based Bombardier Inc. is cutting 2,200 jobs from its rail division.

The world's third-largest maker of commercial aircraft made the announcement Wednesday, bringing the rail division's total job losses to 7,600 by April 2006.

The latest cuts are spread across 27 locations in 14 countries, mainly affecting Germany, Britain and Canada, the company said Wednesday.

The announcement comes the same day Bombardier released its third-quarter report, registering a $10 million US profit in the last three months. In the same period last year, it earned $133 million for a year-to-year decline of 93 per cent.

So far this year, the company has racked up losses totalling $141 million.

On Tuesday, two more credit-rating agencies downgraded Bombardier stock to "junk" status.

Citing concerns over its struggling aerospace division, Standard & Poor's Ratings Services and Dominion Bond Ratings Service joined Moody's Investor Service in knocking the stock's status.

Bombardier's stock has fallen 58 per cent this year.

"No one around here is underestimating the challenges that stand between us and our potential, but the view forward gives cause for encouragement,'' CEO Paul Tellier said in a release.

"We feel our plan is the right one and our job is to make yards the hard way -- through A Canadian transportation giant is on track for more job cuts. With its stock taking a beating on news of slim profits, Montreal-based Bombardier Inc. is cutting 2,200 jobs from its rail division.

In addition to the loss of three Bombardier aircraft in recent crashes, the company is suffering the effects of a dwindling market for its 50-seat regional jet, declining European orders for its trains and the mounting profit pressure of a stronger Canadian dollar.