Moody’s assigns Sinai Health notes Aa3

Moody’s Investors Service said it assigned an Aa3 rating to Sinai Health System (Canada)’s planned C$200 million, 40-year series-B senior unsecured debentures.

The debentures will be used to fund around a quarter of Sinai’s five-year 2020-2024 capital plan, including the redevelopment of its main building in downtown Toronto, doubling the emergency department, expanding and modernizing its operating rooms and intensive care unit and various other major infrastructure upgrades, the agency said.

The rating reflects the close relationship between Sinai and the province of Ontario, Moody’s said. Ontario is the single provider and payer for health care services in the province.

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