Construction of the Waterloo Light Rail Transit project has experienced some challenges including utility relocation at the Kitchener Loop that delayed the project's substantial completion by two months. Nevertheless, we believe the project will continue to manage the delay effectively and expect the required third-party utility relocation works at the Kitchener Loop will be complete by May 31. We also expect the delay at the Huron Spur will not affect the substantial completion beyond our downside-case scenario of six months. In addition, we believe the risk of funding from the nonrevolving credit facility is no longer a constraint on the ratings on the project. We are therefore placing our ratings on GrandLinq GP on CreditWatch with positive implications, reflecting the
