S&P rates Integrated Team bonds A-

Standard & Poor's said it assigned its preliminary A- issue-level rating to Integrated Team Solutions PCH Partnership's proposed C$170.5 million in long-term senior secured bonds due May 2046 and C$152.8 million in short-term senior secured bonds due December 2016.

The outlook is stable.

"The rating reflects our view of the project's strong rationale and government counterparty, well-developed contract structure, very experienced consortium, adequate support packages from the constructor and operator, and availability-based payment mechanism," S&P credit analyst Stephen Ogilvie said in a news release.

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