Mr. Nitin Jain reports
SIENNA SENIOR LIVING ASSIGNED A DBRS ISSUER PROVISIONAL RATING OF BBB WITH STABLE TREND
Sienna Senior Living Inc. has been assigned a DBRS provisional issuer rating of BBB, with a Stable trend. This is the first time Sienna has been rated by DBRS.
In its report, DBRS noted Sienna's position as a leading provider of seniors' living in Canada, with a high-quality portfolio of retirement and long-term care (LTC) properties, stable and predictable LTC financing, and strong record as a high-quality operator that meets or exceeds the strict LTC regulatory and quality of service requirements. The rating also takes into consideration geographic concentration and the competitive nature of retirement residence markets (excluding LTC).
"Sienna is pleased to have achieved this investment-grade credit rating from DBRS," said Lois Cormack, president and chief executive officer. "An investment-grade credit rating from DBRS may provide Sienna with opportunities to access new sources of capital and allows for further financial flexibility in achieving its growth strategy and strategic goals. We believe that the DBRS rating reflects our focus on a strong balance sheet, the unique strength of our balanced LTC and retirement portfolios, sophisticated operating platform, and depth of management."
About Sienna Senior Living Inc.
Sienna Senior is a leading seniors' living provider with 84 seniors' residences in key markets in Canada. Sienna offers a full range of seniors' living options, including independent living, assisted living, long-term care, and specialized programs and services.
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