On June 22, 2004, Standard&Poor's Ratings Services said its ratings on toll highway 407 International Inc. remain on CreditWatch with negative implications, including its 'A' long-term issuer credit and senior secured debt ratings, and the 'A-' junior and 'BBB' subordinated debt ratings. The CreditWatch status continues to reflect the lack of a resolution to the dispute between the Province of Ontario's new Liberal government and the company. The dispute is 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
