Research Update: Nouvelle Autoroute 30, S.E.N.C. Notes Assigned Preliminary 'BBB+' Rating

Nouvelle Autoroute 30, S.E.N.C. (A30 Express) operates and maintains 42 kilometers of greenfield development (including the 2.0-kilometer tolled Serge Marcil bridge) completed in 2012 and another 32 kilometers of highway on Montreal's south shore under a 34-year (24.5 years remaining) concession agreement with the Ministère des Transports, de la Mobilité durable et de l'Électrification des transports. A30 Express (through its wholly owned subsidiary Nouvelle Autoroute Financement Inc.) proposes to issue $1.2 billion in senior secured notes to refinance a $771 million senior term loan facility and break associated interest rate swaps that it issued in 2008 to fund the construction of the greenfield development. About C$225 million will be distributed to the sponsors. We are assigning our preliminary 'BBB+' rating

...+ Nouvelle Autoroute 30, S.E.N.C. (A30 Express) operates and maintains 42 kilometers of greenfield development (including the 2.0-kilometer tolled Serge Marcil bridge) completed in 2012 and another 32 kilometers of highway on Montreal's south shore under a 34-year (24.5 years remaining) concession agreement with the MinistFre des Transports, de la MobilitT durable et de l'+lectrification des transports. + A30 Express (through its wholly owned subsidiary Nouvelle Autoroute Financement Inc.) proposes to issue $1.2 billion in senior secured notes to refinance a $771 million senior term loan facility and break associated interest rate swaps that it issued in 2008 to fund the construction of the greenfield development. About C$225 million will be distributed to the sponsors. + We are assigning our preliminary '###+' rating to the senior secured notes. + The stable outlook reflects our view that the project will generate cash flows in line with our forecast, and that the DSCR will remain above...

Research Update