Moody's upgrades Plenary Health Vaughan

Moody's Investors Service said it upgraded to A2 from A3 Plenary Health Vaughan LP's senior secured rating.

The outlook was changed to stable from positive.

“The upgrade reflects the relatively smooth transition to the operating phase of the project despite incurring some deductions which are expected in most hospital project transitions to the operating phase; the strength of the project's offtaker, Mackenzie Health (MH or the Authority), a counterparty directly linked to a highly rated entity (Province of Ontario, Aa3 positive); the relatively low complexity of the Project Co's facility management (FM) and lifecycle responsibilities,” Moody’s said in a news release.

Despite these strong project characteristics, the rating is somewhat constrained by relatively weak but adequate financial metrics, the agency added.

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