DBRS Morningstar Discontinues Blackbird Infrastructure 407 General Partnership’s Series B Bonds

DBRS Limited (DBRS Morningstar) discontinued the rating on the $264.3 million Senior Short-Term Bullet Bonds (Series B Bonds) issued by Blackbird Infrastructure 407 General Partnership, the special-purpose entity contracted by Infrastructure Ontario under the Province of Ontario’s (rated AA (low) with a Stable trend by DBRS Morningstar) alternative financing and procurement program to design, build, finance, and maintain Phase 2 of the Highway 407 eastern extension (the Project), which comprises a network of new, multi-lane toll highways east of Toronto under a 32.8-year public-private partnership agreement. The Project achieved Substantial Completion on November 29, 2019, and the discontinuation reflects receipt of the substantial completion payment and the full repayment of the bonds on December 5, 2019.

The $108.0 million Senior Long-Term Amortizing Bonds (Series A Bonds) remain outstanding and will mature on June 30, 2047.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The principal methodology is Rating Public-Private Partnerships, which can be found on dbrs.com under Methodologies & Criteria.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at [email protected].

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