Toronto-based 407 International Inc. owns 100% of 407 ETR Concession Co. Ltd., which itself holds a 99-year lease to operate and maintain Highway 407. Standard&Poor's Ratings Services published its revised project finance ratings criteria Sept. 16, 2014. We assess 407's operations phase SACPs for senior, junior (the contractually subordinated senior class), and subordinated debt at 'a+', 'a+', and 'bbb+', respectively. These assessments primarily reflect the following factors: The company is fully exposed to traffic and congestion-based toll rates on its single concession asset, Highway 407. Under our base-case scenario, we foresee the company posting a minimum senior debt service coverage ratio (DSCR) of 2.44x, junior DSCR of 2.35x, and subordinated DSCR of 1.81x We believe 407 benefits from
