We are affirming our 'A' rating on 407 International Inc.'s senior debt, our 'A-' rating on the company's junior debt, and our 'BBB' rating on its subordinated debt. We have revised our view of 407 International's as an established toll road as compared to a managed lane road which is more susceptible to market risk. As a result of our view of 407 as established toll road, we are revising our market downside risk assessment--that is, our view of how sensitive the road's cash flows will be to a significant downturn in demand--to very low from low. This improves our view of the asset's business risk, resulting in an improvement in our operations phase business assessment score to '3' from
