TORONTO (Standard&Poor's) July 15, 2004--Standard&Poor's Ratings Services today said it removed its ratings on toll highway 407 International Inc. from CreditWatch, where they were placed on Feb. 2, 2004. At the same time Standard&Poor's affirmed its ratings on the company, including its 'A' long-term issuer credit and senior secured debt ratings, and its 'A-' junior and 'BBB' subordinated debt ratings. The outlook is stable. The CreditWatch resolution follows the favorable weekend decision of an independent arbitrator over the interpretation of the company's toll-setting framework as set out in the 1999 Tolling, Congestion Relief, and Expansion Agreement, which had been challenged by the Province of Ontario's new Liberal government earlier this year. This key decision,
