407 International Inc. is issuing C$750 million in senior secured notes comprising C$350 million 1.8% series 20-A2 due May 2025 and 2.59% series 20-A3 due May 2032. The company will use proceeds to early redeem and refinance bonds maturing in 2021 (C$400 million series 10-A3 maturing in May 2021 and C$208.3 million (approximately C$300 million outstanding currently) series 99-A5 maturing in December 2021). We are assigning our 'A' rating to the debt. We are also affirming our 'A' rating on 407's existing senior debt, our 'A-' rating on the company's junior debt, and our 'BBB' rating on its subordinated debt. The outlook is stable. We have revised our financial forecast due to COVID-19 impacts. The revision reflects the toll road's
