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Ontario Strategic Infrastructure Financing Authority (OSIFA) completed its CDN$650 million inaugural offering of Infrastructure Renewal Bonds (IRBs).  The inaugural offering consisted of $650,000,000 aggregate principal amount of 4.6% Infrastructure Renewal Bonds Series A-1, due June 1, 2015.  OSIFA exists for the purpose of providing, and the net proceeds of the offering will be used to provide, infrastructure financing for municipalities of the province of Ontario and other Ontario public bodies.  The IRBs have been assigned long-term credit ratings of AA by Dominion Bond Rating Service Limited, Aa2 by Moody's Investors Services Inc. and AA+ by Standard & Poor's Ratings Service.

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2005