S&P rates 407 International notes A

S&P said it assigned an A rating to 407 International Inc.’s 2.84% C$700 million of senior secured notes due 2050. It will use the proceeds to repay C$135 million outstanding on the project's bank credit facility (unrated), fund the related reserve and for general corporate purposes (likely distributions to sponsors).

S&P also affirmed the A rating on 407’s outstanding senior debt, the A- rating on the junior debt and the BBB rating on the subordinated debt.

The outlook is stable.

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