** Canadian plane and train maker's shares down 5.48 pct at C$1.38, touch a 22-year low
** Shares closed down 3 pct on Thursday after Fitch Ratings downgrades Issuer Default Rating to 'B' from 'B plus'; outlook "negative"
** Fitch expects company's free cash flow to be "more negative" than previously estimated and could be significantly negative through 2017
** Bombardier, which has been heavily spending to bring its new CSeries jet into service, said last month that it has used $808 mln in free cash flow in Q2, up from $424 mln a year earlier
** Up to Wednesday's close, stock had declined 23 pct since July 30 when company announced a "transformation plan" focused on reducing product cost and controlling working capital