Plenary Health Hamilton L.P. (Project Co or special-purpose vehicle [SPV]) is designing, building, and financing a new mental health and addiction inpatient hospital for St. Joseph's Healthcare Hamilton (SJHH). Once the new hospital is complete, Project Co will also maintain and operate it, and be responsible for demolishing the existing facility. The 'A' ratings on Plenary Health's C$254.75 million senior secured long-term bonds and C$115.42 million senior secured short-term bonds broadly reflects what Standard&Poor's Ratings Services considers to be the following strengths: A strong rationale for the project, because the new facility will replace a deteriorating one; A strong government off-taker in SJHH, a division of St. Joseph's Health System. It is subject to the highly regulated provincial
