St. Joseph's Healthcare Hamilton (SJHH) has mandated Plenary Health Hamilton L.P. (ProjectCo) to design, build, finance, 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 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 project's 36-month construction finished in December 2013, and subsequently its 30-year operating period began. ProjectCo repaid the C$115.42 million bond with the substantial completion payment from SJHH. The 'A' issue-level rating on ProjectCo's senior secured bonds reflects Standard&Poor's Ratings Services' assessment of the following credit factors: A strong rationale for the project, because the
