St. Joseph's Healthcare Hamilton (SJHH) has mandated Plenary Health Hamilton L.P. (ProjectCo) to design, build, finance, and maintain, and operate a new mental health and addiction inpatient hospital; and demolish the existing hospital. To finance the hospital's design and building, ProjectCo has issued the following debt: C$254.75 million senior secured bonds due May 31, 2043; and C$115.42 million senior secured bonds due March 13, 2015. The 'A' issue-level ratings on ProjectCo's senior secured bonds reflect Standard&Poor's Ratings Services' assessment of the following credit factors: 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 a highly
