DBRS Rates RioCan’s $200 Million Series T Senior Unsecured Debentures at BBB (high)

DBRS has today assigned a rating of BBB (high), with a Stable trend, to the $200 million 3.725% Series T senior unsecured debentures due April 18, 2023 (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. A portion of the net proceeds from the offering will be used by RioCan to redeem its $150 million 5.65% Series M senior unsecured debentures due March 31, 2015, and the balance 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.