DBRS assigns A to 407 International notes

DBRS said it assigned a rating of A to the C$700 million of series 20-A1 senior secured fixed-rate medium-term notes of 407 International Inc. The trend is stable. The rating being assigned is based upon the rating on already-outstanding series of the above-mentioned debt instrument.

The intended use of proceeds will be to repay about C$135 million the company owes certain Canadian chartered banks under the company’s senior secured revolving credit facilities, to fund the series reserve account in the debt service reserve fund (as both terms are defined in the indenture and for general corporate purposes.

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