GrandLinq G.P. (ProjectCo) was selected to design, build, finance, operate, and maintain a 19-kilometer light rail transit (LRT) route in Waterloo, Ont. The project achieved substantial completion (SC) on June 19, 2019, and operations during the initial months have been in line with our expectations. We are affirming our 'A-' issue-level rating on GrandLinq's senior secured bonds. The stable outlook reflects our view that remaining deficiency work will be completed soon with no financial implications for ProjectCo and the project will maintain stable cash flow during operations. The Regional Municipality of Waterloo mandated GrandLinq G.P. (ProjectCo) to design, build, finance, operate, and maintain a 19-kilometer LRT route from the Conestoga Mall in the City of Waterloo to Fairview Park Mall
