Plenary Justice Okanagan LP: Rating Report

DBRS Limited (DBRS) confirmed the rating of A (low) with a Stable trend on the $114.5 million Series A Senior Notes (the Senior Notes) of Plenary Justice Okanagan LP (ProjectCo), the special-purpose entity created to design, build, finance and maintain the $185.5 million Okanagan Correctional Centre (the Project) under a 32.6-year Project Agreement signed between ProjectCo and the Province of British Columbia (the Province; rated AA (high) with a Stable trend). The rating confirmation reflects the achievement of substantial completion, the solid experience of PCL Construction Group Inc. and Honeywell Limited (Canada) (Honeywell or the Service Provider), the fairly straightforward service obligations and the sound operating resiliencies.