This report does not constitute a rating action. The project's credit profile remains stable due to consistent operational performance in 2025 and year-to-date in 2026. Integrated Team Solutions PCH Partnership's (ITS PCH) trailing-12-month (TTM) deductions (ending August 2026) totaled C$7,700 and were fully passed through to the service provider, Johnson Controls Canada L.P. (JCLP). Although technical issues involving lighting ballasts, parking area ticket slip collectors, and hot water availability occurred, management implemented timely resolutions. Most failure points remained within threshold limits, and instances of breaches were remediated without formal notice. Asset maintenance and warranty management appear well-controlled despite some outstanding items. While the asset remains in good condition with lifecycle service on schedule, five warranty items remain unresolved. However, estimated
