S&P upgrades Plenary Health

Standard & Poor’s said it raised the rating on Plenary Health Niagara LP’s C$134 million senior secured bonds due May 31, 2042 to A+ from A.

The outlook is stable.

The agency also said it removed the rating from CreditWatch, where it was placed with positive implications in September.

The upgrade results primarily from a reassessment of the project’s operational risk profile under the revised project finance criteria released Sept. 16, S&P said.

The project’s base-case senior debt service coverage ratio is substantially higher than that of peers at the same performance risk level, which results in a one-notch upgrade to the operations phase stand-alone credit profile, the agency said.

The stable outlook reflects expectations that the project will continue to deliver strong operational performance without incurring any significant deductions or failure points, S&P said.

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