...- Our 'A' rating on 407 International Inc.'s senior debt, 'A-' rating on the company's junior debt, and '###' rating on its subordinated debt remain on CreditWatch, where we placed them with negative implications on Nov. 11, 2020, pending resolution of the congestion payment force majeure claim. - Since our CreditWatch placement in November 2020, traffic on 407 International Inc. has gradually deteriorated due to significant additional lockdown measures taken in Ontario. The toll road is currently operating at its lowest levels (about 40% of 2019) observed since the partial reopening back in May and June 2020. But it is trending higher than traffic observed during the initial lockdown that began in March 2020. - We expect traffic in the first three months of 2021 to remain close to 35% of 2019 and then gradually recover to about 60% by the end of September--which is when Canada expects to immunize the majority of its population. - Assuming a gradual recovery after the pandemic, we expect...
