DBRS rates 407 International notes A, BBB

DBRS said it assigned ratings of A to the C$400 million senior notes issue, series 10-A3, and BBB to the C$300 million subordinated notes issue, series 10-D1, of 407 International Inc.

Proceeds will be used to repay the company's $250 million 4.5% senior notes, series 08-A1, maturing on Jan. 25, 2011, and its C$300 million 5% subordinated notes, series 08-D1, maturing on Jan. 31, 2011. Proceeds also will be used to form a reserve for new senior debt and for general corporate purposes.

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