Plenary Health Hamilton L.P. (Project Co or special-purpose vehicle [SPV]) has been selected to design, build, finance, maintain and operate 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 be responsible for the demolition of the existing facility. The 'A' ratings on Plenary Health's proposed C$254.75 million senior secured long-term bonds and C$115.42 million of 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, as 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
