S&P reviews GrandLinq

S&P said it placed its BBB+ issue ratings on GrandLinq GP's (ProjectCo) C$40.6 million senior secured non-revolving credit facility and C$103 million senior secured bond on CreditWatch with positive implications.

"The CreditWatch placement reflects our view that despite delays, in particular those by a third party utility contractor not complying with their scheduling, which has prohibited the design-build joint venture from performing any construction work in the Downtown Kitchener Loop (delaying the scheduled substantial completion date by two months), we believe the third-party utility company will complete the required gas relocation works by May 31," S&P credit analyst Valiant Ip said in a news release.

The agency also expects the DBJV will resume construction in this area once all the utility works is complete.

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