Ottawa Hospital, The: Rating Report

On June 13, 2024, DBRS Limited (Morningstar DBRS) upgraded its credit rating on The Ottawa Hospital's (TOH or the Hospital) Series A Senior Unsecured Debentures (the Series A Debentures) to AA from AA (low). The upgrade reflects Morningstar DBRS’ recent credit rating upgrade (dated June 6, 2024) on the long-term ratings of the Province of Ontario (Ontario or the Province; rated AA with a Stable trend by Morningstar DBRS). Morningstar DBRS changed the trend on the Series A Debentures to Stable from Positive following the upgrade. The credit rating on the Series A Debentures also reflects TOH's strong operational and financial links to the Province and the absence of material weaknesses in the Hospital’s governance, operating outlook, leverage, and financial strength.