DBRS Rates Granite’s $200 Million Series 1 Senior Debentures at BBB

DBRS has today assigned a rating of BBB, with a Stable trend, to the $200 million 4.613% Series 1 senior debentures due October 2, 2018 (the Bonds), issued by Granite REIT Holdings Limited Partnership (Granite REIT LP).

The Bonds are direct senior unsecured obligations of Granite REIT LP and rank equally and rateably with all other unsecured and unsubordinated indebtedness of Granite REIT LP. DBRS understands that Granite REIT LP intends to use the net proceeds from the offering to repay certain outstanding amounts drawn on the revolving credit facility, finance recent acquisitions (including a European portfolio consisting of seven properties located in Germany and the Netherlands as announced on August 12, 2013) and for general corporate 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.