OTTAWA, ON, July 12, 2021 /CNW/ - The Federal Bridge Corporation Limited (FBCL) is pleased to announce that Standard & Poor's (S&P) Global Ratings has maintained its 2021 FBCL long-term issuer credit and senior unsecured debt ratings with an 'A+', reaffirming its perspectives on the strategic framework governing FBCL operations. Due to uncertainty associated with easing of restrictions to non-essential cross-border travel, they also maintained their "negative" outlook that was established near the start of the global pandemic.
S&P disclosed that "Although commercial traffic, which accounts for about 60% of the corporation's toll revenues, has returned close to normal volumes as trade continues, the uncertainty about the duration of the border restriction makes it difficult to forecast a recovery pattern. Nevertheless, we believe that the continued vaccine rollout, along with pent-up demand, will spur a rebound in passenger traffic once the border opens for nonessential traffic. As a result, we believe that FBCL's key financial metrics will begin to improve toward levels reflective of the current rating beyond 2022."
FBCL Chief Executive Officer, Natalie Kinloch, was humbled to note the reaffirmation of this strong rating and said, "In a highly unpredictable and uncharted context, resulting from FBCL's concerted efforts to deepen our rapport with key customers, maintain our strong collaborative relationships with agents of the Government of Canada and, most of all, deriving from the hard work and the proven resiliency of our staff, its quite pleasing to see a highly informed, neutral, outside strategic observer endorse our approach. We can't wait to see the return of some degree of normalcy to our operations. We're looking forward to reconnect with travellers that have been absent for so long."
FBCL owns, manages and operates international bridges and associated structures in Sault Ste. Marie, Point Edward, Lansdowne (Thousand Islands) and Cornwall, Ontario. FBCL's mandate is to provide the highest level of stewardship so that its international bridges and associated structures are safe and efficient for users.
SOURCE Federal Bridge Corporation Limited
Todd Kealey, Communications, The Federal Bridge Corporation Limited, (613) 219-2821, [email protected]
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