DBRS confirms NAV Canada

DBRS said it confirmed the issuer rating and the senior debt rating of NAV Canada at AA as well as its general obligation debt rating at AA (low).

All trends are stable.

“The credit profile is supported by a solid operating framework, strong traffic conditions and declining debt; however, pension deficiencies remain large, and significant user-fee reductions are expected to push the debt service coverage ratio down to a level inconsistent with the rating, albeit only for one year,” the agency said in a news release.

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