S&P affirms Ornge

Standard & Poor's said it affirmed the AA- long-term issuer credit rating on Ornge, along with the AA- rating on its C$275 million senior unsecured 25-year debentures of subsidiary Ornge Issuer Trust.

The outlook is stable.

The ratings reflect the strong continuing support from the Province of Ontario, the company's status as sole supplier of essential services that are highly integrated with the provincial health system and its satisfactory liquidity levels, S&P said.

The day-to-day operational pressures typical of transport medicine and the company's reliance on a single funding source offset some of its credit strengths, the agency said.

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