S&P rates British Columbia Ferry bond A+

Standard & Poor's said it assigned its A+ debt rating to British Columbia Ferry Services Inc.'s proposed 30-year senior secured bond issue of up to C$200 million, series 13-1.

The net proceeds from the sale of the series 13-1 bonds will partially fund capital expenditures, repay amounts outstanding under British Columbia Ferry's operating credit facility, fund the series reserve account in connection with the series 13-1 bonds and provide funding for general corporate purposes.

The agency affirmed its A+ issuer credit rating on British Columbia Ferry on Feb. 21, 2013. The current issuance in itself will not affect the ratings.

"The rating is supported by our view of BCFS' near-monopoly position, strong service area, and moderately strong financial risk profile," S&P credit analyst Bhavini Patel said in a news release.

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