S&P Global Ratings Upgrades ABC Schools Partnership Senior Long-Term Debt Rating
July 30, 2018, Vancouver, B.C. -- Concert Infrastructure Ltd. is pleased to announce that S&P Global Ratings has upgraded the ABC Schools Partnership (“ABC”) senior long-term debt rating to A from A (low) ABC is the project company, wholly-owned by Concert Infrastructure Fund, responsible for delivering and managing the Alberta Schools Alternative Procurement III (ASAP III) project.
The positive rating upgrade reflects the robust performance of the team, which consists of Ainsworth Inc. (maintenance and renewal provider), ABC, and Concert Infrastructure Ltd., (providing management services to ABC).
Derron Bain, Senior Vice President, Concert Infrastructure Fund, says the rating upgrade also reflects the collaborative perspective that defines the company’s approach to successfully delivering infrastructure projects that meet defined investment objectives and strengthen Canadian communities. “With this rating upgrade, S&P Global Ratings recognized the transparent and successful relationship between Concert, Ainsworth and the schools.”
Delivery of the ASAP III project included responsibility for designing, building, financing and maintaining 12 schools in eight communities across Alberta. Combined, the schools encompass approximately 710,000 square feet with capacity for up to 7,700 students.
This school infrastructure project aligns with the province’s commitment to build Alberta’s economic future and invest in families and fast-growing communities. The schools were designed to achieve Leadership in Energy and Environmental Design (LEED™) Silver certification with four schools achieving LEED™ Gold certification.
The project reached substantial completion in June 2014. Concert Infrastructure Ltd. continues to work in collaboration with Alberta Infrastructure and Alberta Education to operate and maintain the schools for the remainder of the concession period. Ownership of all schools remains with the school boards.
About Concert Infrastructure Fund
Concert Infrastructure Fund is an independent, long-term investor, developer and manager of public infrastructure, and has been successful in forming strong strategic partnerships and securing solid investment opportunities for its pension plan unitholders. Concert Infrastructure approaches each project with the intention of remaining a partner for the duration of the project, valuing long-term and stable returns for our10 Canadian union and management pension fund shareholders.
Derron Bain, Senior Vice President