OTTAWA, Aug. 14, 2023 — The Federal Bridge Corporation Limited (The FBCL) proudly announces the recent positive assessment by S&P Global Ratings. The commendable A+ rating underlines the Corporation’s financial resilience and expected continued growth trajectory, especially post the removal of pandemic-related border restrictions.
The S&P report commends The FBCL for its noteworthy recovery in passenger traffic over the past two fiscal years, achieving a debt service coverage of 1.39x in fiscal 2023. S&P is optimistic about the future, emphasizing that “. . . fueled by strong commercial and improving passenger traffic revenues, [The] FBCL will generate coverage [that] will remain relatively stable at about 1.5x in all years through 2026, on par with 2023 results.”
The S&P assessment lauds The FBCL’s fiscal fortitude, with predictions that “. . . debt to EBIDA will fall below 2.0x in fiscal 2026 and beyond . . .”, acknowledging The FBCL’s strong financial standing and consistently enhancing EBIDA. Furthermore, the report applauds The FBCL’s judicious capital expenditure decisions and its effective federal funding strategies.
Natalie Kinloch, Chief Executive Officer at The FBCL, expressed her enthusiasm, stating:
“The recent accomplishments of The FBCL underscore our unwavering resilience, commitment, and adaptability. The stability in management of multiplying traffic speaks volumes about our dedication and operational prowess. We are genuinely humbled and energized by the positive outlook from S&P Global Ratings. My deepest appreciation goes to our Board of Directors, our executive and management teams, every individual at The FBCL, as well as our partners and subsidiary for their tireless efforts. As a united force, we constantly redefine excellence in our operations. This acknowledgment propels us to journey forth with renewed passion and determination.”
For more information:
Senior Communications Specialist
The Federal Bridge Corporation Limited
ABOUT THE FEDERAL BRIDGE CORPORATION LIMITED
The FBCL owns, manages and operates international bridges and associated structures in Sault Ste. Marie, Point Edward, Lansdowne (Thousand Islands) and Cornwall, Ontario. The FBCL’s mandate is to provide the highest level of stewardship so that its international bridges and associated structures are safe and efficient for users.