DBRS Confirms Rating of 500 Bayly Portfolio Inc.

DBRS has today confirmed the rating of “A” (sf) to the 500 Bayly Portfolio Inc. Mortgage Loan secured by the Loblaws Distribution Centre located in Ajax, Ontario.

In 2008, a $95,000,000 loan at an interest rate of 5.49% was originated by The Standard Life Assurance Company of Canada (the Lender) for a term of ten years from June 1, 2008, amortized over 25 years (the Mortgage Loan or the Loan). The loan is secured by a 1.1 million square foot distribution facility located in Ajax, Ontario, at 500 Bayly Street East, and is leased to Loblaw Companies Limited.

The DBRS rationale for the rating confirmation includes the long-term tenancy to an investment-grade tenant, the stability of the DSCR over the term and the maturity profile of the LTV, which will amortize to a 53% LTV upon maturity in 2018.

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

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The applicable methodologies are CMBS Rating Methodology (January 2012) and CMBS North American Surveillance (May 2011), which can be found on our website under Methodologies.