DBRS Rates University of Toronto’s Series E Re-Opening at AA

DBRS has today confirmed the rating of AA, with a Stable trend, on the Series E unsecured debentures (the Notes) of the University of Toronto (the University), originally issued in December 2011, following the University’s decision to re-open the debt series to raise an additional $100 million. Maturing on December 7, 2051, the Notes are senior unsecured obligations of the University and rank pari passu with all other senior unsecured obligations. The rating is consistent with those previously assigned by DBRS on the University’s outstanding bonds. Net debt proceeds will be used mainly to finance upcoming capital projects.

This debt issue was anticipated by DBRS and factored into the rating of the University, as reflected in the last DBRS rating report published on November 3, 2011. To DBRS’s knowledge, no material developments have been reported by the University since the most recent rating review.

The report is available at www.dbrs.com or by contacting us at info@dbrs.com.

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

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