TORONTO (S&P Global Ratings) April 26, 2021--S&P Global Ratings today said that 407 International Inc. and the Ministry of Transportation of Ontario (MTO) have resolved the force majeure claim related to the project's 2020 congestion payment. The parties have determined that 407 is not liable for any 2020 congestion payments. While we anticipated that 407 had reasonable grounds for a successful force majeure claim, we nevertheless kept our ratings on the project's debt on CreditWatch (where we placed them with negative implications in November 2020) in February 2021 because of a delay in the resolution of the claim and a slower-than-anticipated recovery in its traffic due to the prolonged COVID-19-related lockdowns in Ontario. Given the resolution, 407 is no longer
