The 'A' rating on Chinook Roads Partnership's (Chinook) C$156.7 million senior secured bond due March 31, 2043, broadly reflects Standard&Poor's Ratings Services' assessment of the following factors: A strong rationale for the project, as the new infrastructure will almost complete Calgary's ring road; A very experienced project team, including a highly capable design-build joint venture (DBJV) in SNC-Lavalin Constructors (Pacific) Inc. and Acciona Infrastructures Canada Inc.; Acciona S.A. (Acciona) and highly rated SNC-Lavalin Group Inc. (SNC; BBB+/Stable/--) as equity sponsors; and highly capable operators in SNL-Lavalin Operations and Maintenance Inc. (SNCO) and Acciona Concessions Canada (2008) Inc. (ACC); Well-defined project agreement (PA) that clearly defines roles for the public- and private-sector participants. The PA features an appropriate risk-sharing
