DBRS Rates RioCan’s $250 Million Series S Senior Unsecured Debentures at BBB (high)

DBRS has today assigned a rating of BBB (high), with a Stable trend, to the $250 million 2.87% Series S senior unsecured debentures due March 5, 2018 (the Bonds), issued by RioCan Real Estate Investment Trust (RioCan).

The Bonds are direct senior unsecured obligations of RioCan and rank equally and rateably with all other unsecured and unsubordinated indebtedness of RioCan. The proceeds will be used 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.

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

The applicable methodology is Rating Real Estate Entities (April 2011), which can be found on our website under Methodologies.