S&P rates Mobilinx Hurontario bonds BBB+

S&P said it assigned a preliminary rating of BBB+ to two series of bonds Mobilinx Hurontario General Partnership plans to offer.

Mobilinx plans to sell C$122.98 million in medium-term bonds (series A) and C$139.79 million in long-term bonds (series B). It will also use a C$487.29 million senior construction facility during construction (not rated).

The medium-term bonds and long-term bonds amortize by May 2039 and May 2054, respectively.

The proceeds, along with other sources of funds, will fund the design and construction of the project over an estimated construction period of 59 months.

The outlook is stable.

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