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Toronto Crosstown LRT | ?m | ?s | Metrolinx | Arcadis

T3G said:
Has there been any info published yet as to why exactly Crosslinx has the TTC in their CrossHairs?
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I don't think it means anything (with regards to the TTC).

TTC, as the operator, cannot begin training until the system is fully completed and ready (Metrolinx accepts CrossLinx as being finished). Usually there is some flexibility to allow access and training of some components while deficiencies are being fixed elsewhere, but with litigation they'll be sticking with the letter of the contract.

This is the same reason why the stairway to ET Seaton Park is still closed. Crosslinx doesn't have a beef with Toronto Parks, they're just not being flexible because Metrolinx hasn't been flexible.
 
Moody's has downgraded their rating of Crosslinx. Article is attached.

Key highlights:

Concurrent with the rating change, Moody's changed the rating outlook to stable from negative, reflecting Moody's view that despite the delay and some additional risk, incremental time has been granted following the senior construction credit facility extension and we believe the project parties are working to achieve substantial completion and become operational.

Today's rating action reflects the material delay in the completion of the Eglinton Crosstown Light Rail Transit Project (the Eglinton LRT Project) beyond the scheduled substantial completion date (February 23, 2023) and well beyond the original scheduled substantial completion date (September 29, 2021).

Nonetheless, the terms of the project agreement give ProjectCo up to 18 months past the scheduled substantial completion date (i.e., up to August 23, 2024) to complete the Eglinton LRT Project (the long stop date) without triggering a termination of the project agreement, which should be sufficient time for the project to achieve substantial completion. Moreover, ProjectCo has recently secured lenders' consent to extend the maturity date of the senior construction credit facility by one year to September 29, 2024.

The rating action also recognizes that construction is 99% complete based on construction spend, with minor completion works and snagging items remaining at the majority of the stations and across the alignment. The main challenge for the project to achieve substantial completion and become operational is testing and commissioning, including operator driver training, which was materially delayed due to disagreements among the parties and because the Contracting Authority has yet to sign an operator agreement with an operator for the LRT system.

Edit: I guess you cant attach pdf files? The article is here but you need to sign up for a free account: https://www.moodys.com/research/Moo...ships-rating-to-Baa3-Rating-Action--PR_474480
 

Attachments

  • Rating_Action-Moodys-downgrades-Crosslinx-15May2023-PR_474480.pdf
    170.6 KB · Views: 155
alexb said:
Moody's has downgraded their rating of Crosslinx. Article is attached.

Key highlights:

Concurrent with the rating change, Moody's changed the rating outlook to stable from negative, reflecting Moody's view that despite the delay and some additional risk, incremental time has been granted following the senior construction credit facility extension and we believe the project parties are working to achieve substantial completion and become operational.

Today's rating action reflects the material delay in the completion of the Eglinton Crosstown Light Rail Transit Project (the Eglinton LRT Project) beyond the scheduled substantial completion date (February 23, 2023) and well beyond the original scheduled substantial completion date (September 29, 2021).

Nonetheless, the terms of the project agreement give ProjectCo up to 18 months past the scheduled substantial completion date (i.e., up to August 23, 2024) to complete the Eglinton LRT Project (the long stop date) without triggering a termination of the project agreement, which should be sufficient time for the project to achieve substantial completion. Moreover, ProjectCo has recently secured lenders' consent to extend the maturity date of the senior construction credit facility by one year to September 29, 2024.

The rating action also recognizes that construction is 99% complete based on construction spend, with minor completion works and snagging items remaining at the majority of the stations and across the alignment. The main challenge for the project to achieve substantial completion and become operational is testing and commissioning, including operator driver training, which was materially delayed due to disagreements among the parties and because the Contracting Authority has yet to sign an operator agreement with an operator for the LRT system.

Edit: I guess you cant attach pdf files? The article is here but you need to sign up for a free account: https://www.moodys.com/research/Moo...ships-rating-to-Baa3-Rating-Action--PR_474480
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ooh February 2023 i wonder if thats the "credible plan" that was tossed around metrolinx says wasnt credible
This might actually line up, TTC is going around finding deficiencies preventing handover and cts is getting annoyed that the ttc is letting them get away with low quality work
Why is the ttc involved before handoff? who decides that substatial completion is attained?
The rating action also recognizes that construction is 99% complete based on construction spend, with minor completion works and snagging items remaining at the majority of the stations and across the alignment. The main challenge for the project to achieve substantial completion and become operational is testing and commissioning, including operator driver training, which was materially delayed due to disagreements among the parties and because the Contracting Authority has yet to sign an operator agreement with an operator for the LRT system.
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Metrolinx has yet to sign an operating agreement with the ttc? theres no way thats true? that had been signed 2 years ago?
 
The TTC doesn't want to take it over if there will be problems like what Ottawa experienced with their LRT. Ottawa had no experience with rail vehicles so depended upon others to tell them if things are fine, while the TTC does know what to look for and wants them corrected properly before accepting.
 
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stevensontransit said:
The Crosstown won't open until sometime in 2024, CEO confirms: https://toronto.citynews.ca/2023/05/16/eglinton-crosstown-metrolinx-ttc-crosslinx/
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“We’ve had our concerns about the 2023 date, which is exactly why we’ve been pushing so hard for for credible schedule,” he says. “In our estime it’s a date in 2024, but when exactly that date is will depend on how much must still be fixed.”

I still think this is metrolinx saying now way you guys are close to finished complete your work, the same thing they said in November with that "credible plan" statement
 
generalcanada said:
TTC is going around finding deficiencies preventing handover and cts is getting annoyed
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I would not be surprised this is the case - given the TTC (for all their faults) do run a reliable, frequent transit system with staff that know what to look for...

That, and that as above "construction is 99% complete based on construction spend" so CTS do not want to spend any more money that is necessary!
 
generalcanada said:
“We’ve had our concerns about the 2023 date, which is exactly why we’ve been pushing so hard for for credible schedule,” he says. “In our estime it’s a date in 2024, but when exactly that date is will depend on how much must still be fixed.”

I still think this is metrolinx saying now way you guys are close to finished complete your work, the same thing they said in November with that "credible plan" statement
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And now we wait and see what other Ontario projects that were supposed to finish after Eglinton get finished before. Otrain Stage 2 South and East? HLRT? Finch West?
 
turini2 said:
I would not be surprised this is the case - given the TTC (for all their faults) do run a reliable, frequent transit system with staff that know what to look for...

That, and that as above "construction is 99% complete based on construction spend" so CTS do not want to spend any more money that is necessary!
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IMO its both.... there are prob legit critical deficiencies to correct but theres probably really minor but time consuming ones that TTC is being a dick by not letting go or having it deferred to after opening.
the main issue if thats the case is that the ttc overseers have no urgency to expedite since theyll still collect their paychecks while holding millions of potential riders and taxpayers hostage.

then again my business partner's friends who work at ML on this project apparently are still reviewing core design drawings from ttc NOW so its also ML's fault for working at the speed of govt.
 
ARG1 said:
And now we wait and see what other Ontario projects that were supposed to finish after Eglinton get finished before. Otrain Phase 2 South and East? HLRT? Finch West?
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well its not all bad... viva next was finished reasonably relatively on time and on budget and the davenport diamond project was done quite well. it all depends on the relationship with the contractor and management.
obviously crosslinx and ml have completely gone scorched earth with eachother but that doesnt necessarily mean it will be the same with others. FW LRT seems so far not bad.. not racing to the finish but certainly no
public cat fighting.
 
cplchanb said:
IMO its both.... there are prob legit critical deficiencies to correct but theres probably really minor but time consuming ones that TTC is being a dick by not letting go or having it deferred to after opening.
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This taxpayer is eager to see someone enforce a very high standard of construction and get the last few deficiencies corrected now while crews are still mobilised and the people who know what was buried where are still on site.

Anybody who has ever done a home reno know that once the final money is paid, the contractor loses interest in coming back and fixing the few little things that didn’t go perfectly.

If TTC has stepped up to the dick role - good on them.

- Paul
 
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