GrandLinq GP's construction of the Waterloo Light Rail Transit project is four months behind schedule, because of delays in several areas; however, the delay at Downtown Kitchener Loop is the only area that is currently affecting the substantial completion date. Although there is further slippage in the schedule since April 2016, we believe the revised Bombardier Inc. vehicle delivery schedule is likely to provide the project more flexibility in the schedule to complete construction. Based on that, we are maintaining GrandLinq's rated debt on CreditWatch with positive implications. On July 19, 2016, S&P Global Ratings maintained Ontario-based GrandLinq GP's (ProjectCo) C$40.6 million senior secured non-revolving credit facility and C$103 million senior secured bonds on CreditWatch with positive implications. The Waterloo
