S&P rates 407 notes BBB

S&P said it rated 407 International Inc.’s new C$350 million of 4.22% subordinated secured notes due 2028 and C$325 million of 4.45% subordinated secured notes due 2031 BBB.

The agency also affirmed its A ratings on the company's senior debt, A- ratings on the junior debt, and BBB ratings on its outstanding subordinated debt.

“The rating action reflects our view that 407's credit metrics support modest additional subordinated leverage despite the lack of a dedicated reserve for subordinated debt and remaining uncertainties such as slower traffic recovery than some peers and the overall macroeconomic environment,” S&P said in a press release.

The outlook is stable.

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