DBRS Provisionally Rates First Capital’s $1 Billion Senior Unsecured Debenture Shelf Program

DBRS has today assigned a provisional rating of BBB with a Stable trend to First Capital Realty Inc.’s (First Capital or the Company) $1 billion senior unsecured debenture program as per its recently filed preliminary short-form base shelf prospectus dated July 21, 2009.

As per the Company’s shelf filing, senior unsecured debenture issuances under this program will be unsecured and will rank pari passu with all other unsecured and unsubordinated indebtedness incurred by First Capital.

As ratings are subject to change, subsequent confirmation of First Capital’s ratings will be provided by DBRS as any senior unsecured debentures are issued under this program.

Notes:
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.