DBRS Releases Report on Montréal Eaton Centre for Ivanhoe Cambridge I

DBRS has today released a report that provides further detail on the recent upgrade of the 10.18% Series III Secured Debentures due March 31, 2013 (the Series III Debentures) issued by Ivanhoe Cambridge I Inc. (the Issuer) and secured by Montréal Eaton Centre. The rating was upgraded to A (high) from BBB and the trend is Stable.

On June 3, 2011, the Series III Debentures holders approved the replacement of Burlington Mall for Montréal Eaton Centre as collateral. The upgrade reflects the increased value and higher sustainable cash flow of the new collateral. The Montréal Eaton Centre is a shopping mall located just a few blocks east of McGill University and at the heart of the Montréal underground city, which features 30 kilometres of tunnels.