407 International Inc.: Rating Report

DBRS Limited (DBRS Morningstar) confirmed 407 International Inc.’s (407 or the Company) Issuer Rating and Senior Bonds rating at “A,” Junior Bonds rating at A (low), and Subordinated Bonds rating at BBB. All trends are Stable. The ratings are supported by the solid long-term economic fundamentals of the catchment area and 407’s sound cash flow generation and good operating efficiency but are tempered by the Company’s sizable debt burden, leverage intentions, and constraints on future capacity expansions.