DBRS rates Plenary bonds A

DBRS said it finalized the A ratings with stable trends assigned to the C$255 million of long-term senior bonds and the C$115 million of short-term senior bonds issued by Plenary Health Hamilton LP.

Supporting the ratings are the superior contractors retained by the company and the low credit risk of the counterparties providing the availability-based payments to the company, namely the Province of Ontario and the St. Joseph's Healthcare Hamilton, the agency said.

Nevertheless, DBRS said the credit profile is constrained by the usual uncertainties related to construction projects and the limited ability of the builder to self-perform the project.

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