DBRS: Greater Toronto Airports Authority bonds A

DBRS said it assigned a rating of A with a stable trend to the $400 million medium-term note series 2012-1 issue of the Greater Toronto Airports Authority.

The rating is consistent with those previously assigned by DBRS on the authority's outstanding bonds.

Net debt proceeds will be used to repay part of the $475 million medium-term note series 2002-2 due Dec. 13, 2012, to fund a debt service reserve amount for the notes of $12.1 million and for general corporate purposes.

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