Integrated Team Solutions PCH Partnership (ITS PCH) entered into a project agreement with Providence Care Hospital (PCH) to design, build, finance, and maintain a new 270-bed, 619,110-sq-ft. mental health hospital on a 30-acre greenfield site adjacent to one of PCH's facilities. In turn, ITS PCH entered into back-to-back contracts with EllisDon for construction and Johnson Controls for services during operations. S&P Global Ratings' rating on Integrated Team Solutions PCH's C$171.031 million, 4.875% senior secured long-term bonds due May 31, 2046, is 'A-', and the outlook is stable. Our rating on the project's senior secured debt is constrained by the creditworthiness of the irreplaceable counterparties, including the revenue counterparty and the bank account provider. We assess the project's operations-phase stand-alone credit
