We are affirming the 'A' rating on Chinook Roads Partnership's senior secured bond. The rating reflects, among other things, our view of the continued strong rationale for completion of the ring road project. The stable outlook reflects our expectations that the construction work will be completed in accordance with specifications, on time, and on budget; and project performance during the OMR period will be in accordance with our expectations. On July 21, 2011, Standard&Poor's Ratings Services affirmed its 'A' rating on Chinook Roads Partnership's C$156.7 million senior secured bond due March 31, 2043. The outlook is stable. The rating on Chinook Roads Partnership's senior secured bond broadly reflects Standard&Poor's assessment of the following factors: A strong
