We are affirming our 'A-' issue-level rating on Integrated Team Solutions PCH Partnership's senior secured debt based on the project's successful transition to its 30-year operational phase following the substantial completion of construction on Nov. 30, 2016. The project used proceeds from the substantial completion payment to repay the C$153.481 million short-term bonds in full, fund the debt service reserve account (sized to six months of debt service), and fund accounts for the remaining construction works. The stable outlook reflects our expectation that operations will progress in accordance with the output specifications and with minimal deductions, and the debt service coverage ratios (DSCRs) will remain at forecast levels, with a minimum DSCR of 1.22x. It also reflects our expectation that
