DBRS Morningstar Assigns Issuer Ratings to Long-Term Care Operators

DBRS Limited (DBRS Morningstar) assigned Issuer Ratings to the following long-term care operators following the implementation of its updated “Rating Companies in the Canadian Long-Term Care Industry” methodology published on September 9, 2020.

DBRS Morningstar assigned Sienna Senior Living Inc. an Issuer Rating of BBB with a Stable trend, equal to the existing senior unsecured debt rating, as at September 14, 2020.

DBRS Morningstar assigned Leisureworld Senior Care LP an Issuer Rating of A (low) with a Stable trend, equal to the existing senior secured debt rating, as at September 14, 2020.There is no senior unsecured debt outstanding.

ESG CONSIDERATIONS
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.

Notes:
The principal methodologies for Sienna Senior Living Inc. are Rating Companies in the Canadian Long-Term Care Industry (September 9, 2020), Rating Entities in the Real Estate Industry (June 4, 2020), and DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 25, 2019), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

The principal methodologies for Leisureworld Senior Care LP are Rating Companies in the Canadian Long-Term Care Industry (September 9, 2020) and DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 25, 2019), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at info@dbrsmorningstar.com.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

Generally, the conditions that lead to the assignment of a Negative or Positive trend are resolved within a 12-month period. DBRS Morningstar trends and ratings are under regular surveillance.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

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