DBRS rates 407 notes A

DBRS said it assigned a rating of A with a stable trend to the $200 million senior notes series 12-A2 issue of 407 International Inc.

The notes are being issued from 407's August shelf prospectus, DBRS noted, adding that holders of notes issued under the shelf will not have the benefit of the rating affirmation test, although the test continues to apply to all senior debt issued prior to 2010.

The agency said that the intended use of proceeds from the notes will be to fund the series reserve account in the debt service reserve fund and for general corporate purposes.

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