GrandLinq GP's construction of the Waterloo Light Rail Transit project remains four months behind schedule because of the delay at Downtown Kitchener Loop. Although there has been no further slippage in construction since July 2016, the project has revised its substantial completion date to March 8, 2018, an additional 100 days' delay. The revised date indicates substantial completion is now being affected by Bombardier Inc.'s revised light rail transit delivery schedule. As a result, we are affirming our 'BBB+' rating on GrandLinq's senior secured debt and removing the rating from CreditWatch, where it was placed with positive implications May 6, 2016. The positive outlook reflects our view that construction appears to have stabilized since July and is currently on track
