S&P removes 407 from watch

S&P said it affirmed its A rating on 407 International Inc.'s senior debt, A- rating on the company's junior debt, and BBB rating on its subordinated debt and removed them from CreditWatch, where it placed them with negative implications on Nov. 11, 2020, following the successful resolution of the congestion payment force majeure claim.

The outlook is stable. “The stable outlook reflects a successful resolution of the congestion payment force majeure claim, vaccination progress, the ability to absorb at least 15% potential permanent demand loss, and the project's significant liquidity, which offsets the weaker coverage ratio in 2021, and the risk of slower-than-expected recovery in traffic. Beyond 2021, we expect senior coverage ratios to be above 1.8x, in line with our expectations at the rating level,” S&P said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.