TORONTO (Standard&Poor's) Feb. 2, 2004--Standard&Poor's Ratings Services today said it placed its ratings on toll highway 407 International Inc. on CreditWatch with negative implications, including the 'A' long-term issuer credit and senior secured debt ratings, and the 'A-' junior and 'BBB' subordinated debt ratings. The CreditWatch placement results from the dispute between the Province of Ontario's new Liberal government and the company, related to a disagreement over the interpretation of the company's toll rate-setting framework as laid out in the Tolling, Congestion Relief, and Expansion Agreement. Standard&Poor's current ratings on 407 International are based on an understanding that the concession company has the flexibility to set toll rates without the requirement to obtain governmental
