OTTAWA, August 27, 2018 – The Federal Bridge Corporation Limited (FBCL) is pleased to announce that Standard & Poor’s (S&P) Global Ratings published its 2018 bond rating for FBCL, which has been revised to ‘A+ outlook stable’ from ‘A outlook positive’. S&P Global Ratings also removed the ratings from Under Criteria Observation, where they had been placed March 12, 2018.
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.
Micheline Dubé, President and Chief Executive Officer expressed her appreciation to the entire FBCL team for this achievement and said ”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.”
Finally, S&P concluded that “FBCL’s very strong management and governance characteristics have allowed it to achieve financial and operational goals. We believe the management team has considerable expertise and experience and that it is adequately prepared to quickly react to unfavorable economic conditions. It proactively adjusts operating and capital spending to minimize the impact of traffic volatility on its financial profile and monitors performance against its budgets. Furthermore, management has policies and strategies to mitigate key risks, including debt management, cash and investment management, and a suite of insurance policies.”