We are revising our outlook on Chinook Roads Partnership to negative from stable. We are affirming our 'A' rating on Chinook's C$156.7 million senior secured bond due March 31, 2043. The negative outlook reflects Chinook's dependency on SNC-Lavalin Group Inc. (BBB+/Negative/--) as the construction and operating counterparty. On Oct. 2, 2012, Standard&Poor's Ratings Services revised its outlook on Chinook Roads Partnership (Chinook) to negative from stable. At the same time, Standard&Poor's affirmed its 'A' rating on Chinook's C$156.7 million senior secured bond due March 31, 2043. The outlook revision reflects our view of the project's dependency on SNC-Lavalin Group Inc. (SNC; BBB+/Negative/--) as the counterparty in the construction and operating periods. Standard&Poor's revised its
