DBRS rates 407 International notes A

DBRS said it assigned an A rating with a stable trend to the C$150 million series 15-A1 senior notes issue of 407 International Inc.

Proceeds will be used to repay existing debt under the company’s bank facility, to fund the series reserve account in the debt service reserve fund in respect of the notes and for general corporate purposes.

The agency said that during 2014, vehicle kilometers traveled grew faster than the company’s expectations at 3.4%, while average workday trips were up 2.7% compared to 2013. Combined with the toll increases implemented in February 2014, this resulted in revenue growth of 10.8%.

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