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. The highway is 108 kilometers (km) long, running just north and west of the city of Toronto through some of greater Toronto's more congested areas. The highway consists of four-, six-, eight-, and 10-lane sections (expandable to eight and 10 lanes in certain sections). 407 International's senior secured debt, junior debt, and subordinate debt are rated 'A', 'A-', and 'BBB', respectively. The outlook is stable. The company is fully exposed to traffic (as measured in vehicle kilometers travelled, or VKT) and toll rates on its single-concession asset, Highway 407. That said, 407 benefits from its strong
