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MISSISSAUGA, ON , April 1, 2019 /CNW/ - CHARTWELL Retirement Residences ("Chartwell") (CSH-UN.TO) announced today the opening of The Sumach by Chartwell in downtown Toronto , Ontario. This project was completed in partnership with the Daniels Corporation and Welltower Inc. and marks the third Chartwell residence to open so far in 2019. The Sumach by Chartwell is an independent living residences in the heart of the revitalized Regent Park neighbourhood of Toronto . The residence is surrounded by high-quality public amenities, keeping residents connected to valued lifestyle interests while encouraging reciprocal interaction with the local community.
Moody's Investors Service ("Moody's") assigned a P-2 short-term rating to Welltower Inc. (Welltower). Concurrently, Moody's also affirmed all of the existing ratings of Welltower Inc., including the REIT's Baa1 senior unsecured debt rating.
Rating Action: Moody's assigns Baa1 to ProMedica Health System's (OH) Ser. New York, October 15, 2018 -- Moody's Investors Service has assigned Baa1 ratings to ProMedica Health System's proposed Hospital Revenue Bonds, Series 2018A ($245.6 million) and Taxable Bonds, Series 2018B ($1.2 billion). ProMedica Health System's transformative acquisition of HCR ManorCare (ManorCare) doubled the organization's revenue, materially increased leverage and diluted liquidity.
MISSISSAUGA, ON , Sept. 12, 2018 /CNW/ - CHARTWELL Retirement Residences ("Chartwell") (CSH-UN.TO) and Welltower Inc. will invest in the development of Chartwell Guildwood Retirement Residence, located within the historic Guildwood neighbourhood of Toronto . The retirement residence will include independent living apartments, independent supportive living suites and a dedicated Memory Living neighbourhood for those with memory impairment requiring a secure, supportive and specialized living environment. Chartwell Guildwood will feature architectural elements inspired by the local long established historic Guildwood Village and incorporate biophilic design considerations intended to maintain the innate connection between residents and nature promoting health and supporting wellbeing. Among many amenity offerings, unique resident amenities will include a music room, indoor pool, art room and various dining venues. The residence will be pet friendly with walking paths and a pet wash.
Moody's Investors Service has downgraded ProMedica Health System's (ProMedica) rating to Baa1 from A1, affecting approximately $420 million of debt. The magnitude of the downgrade reflects significant long-term weakening of ProMedica's balance sheet following the transformative acquisition of HCR ManorCare (ManorCare), which doubled the organization's revenue and debt. Near-term execution risk will be high while ProMedica restructures its governance, management and operating model at a time when all business lines are in transition and/or facing margin pressure.
Moody's Investors Service placed ProMedica Health System's (ProMedica) A1 rating under review for downgrade, affecting approximately $420 million of debt. The review is prompted by the impending closure of a proposed transaction to acquire the operations of HCR ManorCare and Arden Courts out of bankruptcy, which will be transformative to ProMedica's core businesses and financial position. The acquisition and integration of these post-petition operations will require a material increase in ProMedica's financial leverage (more than double) and sizable equity contribution, which will significantly dilute balance sheet and liquidity metrics.
Thomas DeRosa, Welltower CEO, discusses the deal with ProMedica for HCR ManorCare to reinvent health care outside of the hospital for the aging population.