Sienna Senior Living Inc.: Presale Report

DBRS Limited (DBRS Morningstar) assigned a provisional rating of BBB with a Stable trend to the Senior Unsecured Debentures to be potentially issued by Sienna Senior Living Inc. (Sienna or the Company). The rating is based on Sienna’s position as a leading provider of seniors housing across the continuum of care in Canada, a high-quality portfolio of retirement and long-term-care (LTC) properties, stable and predictable LTC funding and a strong track record of adhering to strict LTC regulatory requirements. The rating is constrained by Sienna’s geographic concentration in the Province of Ontario (Ontario; rated AA (low) with a Stable trend by DBRS Morningstar) and the Province of British Columbia (British Columbia; rated AA (high) with a Stable trend by DBRS Morningstar) and the competitive nature of retirement residence markets (excluding LTC).