DBRS Rates RioCan REIT’s $180 Million Series L Senior Unsecured Debentures at BBB (high)

DBRS has assigned a rating of BBB (high), with a Stable trend, to the $180 million 8.33% Series L senior unsecured debentures due April 3, 2014 (the Bonds), issued by RioCan Real Estate Investment Trust (RioCan).

The Bonds are direct senior unsecured obligations of RioCan and rank equally and rateably with all other unsecured and unsubordinated indebtedness of RioCan. The proceeds will be used to repurchase $4.62 million of its September 21, 2009, 5.29% Series D and $50.38 million of its March 24, 2010, 4.938% Series J senior unsecured debentures; to repay amounts drawn under bank lines; for future acquisitions and development activities; and for general corporate purposes.

Note:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodology is Rating Real Estate, which can be found on our website under Methodologies.

This is a Corporate rating.