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DBRS confirms Chartwell debentures at BBB (low)
DBRS said it confirmed the senior unsecured debentures rating of Chartwell Retirement Residences at BBB (low) with a stable trend.
The rating confirmation is based on Chartwell’s leading position in the Canadian seniors housing industry, supported by the quality of its seniors housing portfolio offering of seniors housing accommodation (retirement and long-term care (LTC)) and health-care services, DBRS said in a news release.
The rating is limited by the competitive nature of the retirement sector (excluding LTC), labor- and capital-intensive cost structure, Chartwell’s significant geographic concentration in Ontario and Quebec, and its exposure to policy changes from provincial governments, regional health authorities and/or social service agencies, the agency said.
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