DBRS Rates RioCan’s $25 Million Series Q Senior Unsecured Debentures at BBB (high)

DBRS has today assigned a rating of BBB (high), with a Stable trend, to an additional $25 million of 3.85% Series Q Senior Unsecured Debentures due June 28, 2019 (the Bonds), issued by RioCan Real Estate Investment Trust (RioCan). An aggregate of $175 million of Series Q Bonds will be outstanding after giving effect to this offering.

The Bonds are direct senior unsecured obligations of RioCan and rank pari passu with all other unsecured and unsubordinated indebtedness of RioCan. The net proceeds will be used by RioCan to repay indebtedness, including indebtedness incurred in the ordinary course under RioCan’s operating lines of credit, for property acquisitions, to fund development and for general trust purposes.

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

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