DBRS lowers SNC-Lavalin view to negative

DBRS said it confirmed the BBB (high) rating of the series A senior amortizing bonds of SNC-Lavalin Innisfree McGill Finance Inc., the financing vehicle unconditionally guaranteed by Groupe Infrastructure Sante McGill SENC and its general partners.

The trend was revised to negative from positive.

SNC-Lavalin is the special-purpose vehicle responsible for the design, construction, financing and maintenance of a new public-private hospital with the McGill University Health Centre, DBRS said.

The negative trend primarily stems from disputed construction works, variation directives, disagreements about the deduction regime in the service phase and warning notices, along with the impact that these issues have had on the relationship between the project and the hospital, the agency said.

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