DBRS Confirms Ratings of Brookfield Canada Office Properties and BPO Properties Ltd.

DBRS has today confirmed the Issuer Rating of Brookfield Canada Office Properties (BCOP) at BBB with a Stable trend and has also confirmed the Issuer Rating and Cumulative Redeemable Preferred Shares rating of BPO Properties Ltd. (BPO Properties) at BBB and Pfd-3, respectively, with Stable trends.

The confirmations follow the change in Brookfield Office Properties Inc.’s (BOP) trends to Negative from Stable. Although BCOP and BPO Properties benefit from their close association with BOP, particularly from property and asset management agreements, the ratings are not directly linked at this level. DBRS believes that the current ratings of BCOP and BPO Properties continue to reflect the solid operating performance of the Canadian office portfolio and steady financial credit metrics. That said, DBRS would become concerned if BOP’s credit risk profile continued to deteriorate beyond the ratings of BCOP and BPO Properties.

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.