Standard&Poor's Ratings Services published its revised project finance ratings criteria Sept 16, 2014. Toronto-based 407 International Inc. owns 100% of 407 ETR Concession Co. Ltd. (407 ETR), which holds a 99-year lease to operate and maintain Highway 407. Following the application of the revised criteria, we are affirming our 'A' and 'A-' ratings on the senior secured debt and 'BBB' rating on the subordinated debt of 407 International Inc. The stable outlook partially reflects our expectation that 407 will post debt service coverage ratios in line with our base-case scenario, and its operating and maintenance will remain predictable given its more-than-15 years of asset performance data on the highway. On Jan. 30, 2015, Standard&Poor's Ratings Services
