DBRS rates 407 notes A

DBRS said it assigned an A rating with a stable trend to the C$400 million senior notes due 2042, series 12-A1, issued by 407 International Inc.

The proceeds will be used to redeem the company's C$200 million of 5.1% senior bonds, series 09-A2, due Jan. 20, 2014, to fund the series reserve account for the new notes and for general corporate purposes.

The agency said the financing is consistent with the expectations incorporated in its July 26, 2011, confirmation of 407's ratings.

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