DBRS Rates Dundee REIT’s $175 Million Series A Senior Unsecured Debentures at BBB (low)

DBRS has today assigned a rating of BBB (low), with a Stable trend, to the $175 million 3.424% Series A senior unsecured debentures due June 13, 2018 (the Bonds), issued by Dundee Real Estate Investment Trust (Dundee REIT).

The Bonds are direct senior unsecured obligations of Dundee REIT and rank equally and rateably with all other unsecured and unsubordinated indebtedness of Dundee REIT. DBRS understands that the net proceeds from the offering will be used by Dundee REIT to repay indebtedness (including indebtedness incurred in the ordinary course under Dundee REIT’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.