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Two bond rating agencies Montreal, November 26, 2007 - For an 8th consecutive year, the bond rating agencies Standard & Poor’s and Dominion Bond Rating Service (DBRS) have announced they are upholding their respective credit ratings of A+ and A(high) for the STM. Both firms acknowledged the STM’s solid financial performance and sound management, as well as the commitment to public transit expressed by both levels of government and the city of Montréal. Still, Standard & Poor’s and DBRS both added that the need for investment remains a challenge for the STM. Indeed, the investments required to maintain and renew its infrastructure is estimated at $1.5B over the next three years. Claude Trudel, chairman of the STM board of directors, was pleased by this news, as it confirms the corporation’s sound management. However, he pointed out that the two agencies are aware of the STM’s vulnerability with respect to finding new sources of revenue, not only to continue providing good-quality, reliable services to the population, but also to maintain and upgrade its assets. - 30 -
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