Moody's: Pearson notes A2

Moody's Investors Service said it assigned an A2 rating to C$110 million series A debentures issued by Pearson International Fuel Facilities Corp. in 2007, with approximately C$97.5 million outstanding.

The outlook is stable.

Moody's said the A2 rating reflects the essential service provided by the company at Lester B. Pearson International Airport, Canada's largest, with a large component of origin and destination traffic; its exclusive right to own and operate the fuel storage and distribution facilities at the airport; its right to fully recover operating and financing costs from the member airlines, irrespective of demand, performance and availability; the protections derived from various contractual arrangements which should insulate the company from airline risk; the well understood technical and operating risks of the operations at the fuel facility; and the experience of the entities involved with the fuelling operations at the airport.

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