OTTAWA — The Federal Bridge Corporation Limited (FBCL) has announced that Standard & Poor’s (S&P) has upgraded its bond rating to A+ outlook stable from A outlook positive.
The crown corporation is responsible for Canadian federal interests at four of 11 international bridge locations in Ontario. The bridges under its authority are the Sault Ste. Marie International Bridge, the Blue Water Bridge in Point Edward, near Sarnia, Thousand Islands International Bridge in Lansdowne and Seaway International Bridge Crossing in Cornwall.
S&P Global Ratings also removed the ratings from Under Criteria Observation, where they had been placed March 12, an Aug. 27 statement said.
The corporation said the stable outlook “primarily reflects FBCL’s ability to manage its capital plan without additional external financing needs that will further improve its debt service coverage and its commitment to lower debt.”
Commented Micheline Dube, the corporation’s president and CEO in the statement, “What is most remarkable is that while there is volatility in factors supporting the international crossings marketplace, FBCL is credited with strong management of elements that it controls including its financial risk profile, its liquidity and financial performance.”
Current and recent projects undertaken by the corporation have included the $51.6-million Canadian Plaza Redevelopment project in the Sault, the $60-million Lansdowne Port of Entry CBSA Facility Redevelopment project and $74.8-million New North Channel Bridge project in Cornwall.
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