S&P rates 407 bond A

S&P said it assigned an A rating and stable outlook to 407 International Inc.'s C$350 million senior secured debt issue due May 4, 2027.

The agency said it believes the new debt has no impact on 407's credit metrics and the existing ratings on 407 are not affected.

The proceeds will be used to repay about C$289 million of the company's series 99-A4 debt due Dec. 1, 2016, S&P said, and finance a reserve account for the new issuance.

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