This report does not constitute a rating action. Toronto-based 407 International Inc. owns 100% of 407 ETR Concession Co. Ltd., which holds a 99-year lease to operate and maintain Highway 407. It is the world's first all-electronic, open-access long toll highway, running 108 kilometers just north and west of Toronto through some of the city's more congested areas. The highway consists of four-, six-, eight-, and 10-lane sections (expandable to eight and 10 lanes in certain sections). The highway system provides congestion relief to the Greater Toronto Area (GTA) road network, attracting motorists willing to pay a toll to avoid busy toll-free alternate routes. The 407 is owned by Cintra Global S.E. (48.29%), a subsidiary of Ferrovial S.A.; Public Sector
