DBRS Assigns BBB (low) Rating to Morguard’s $135 Million Series A Senior Unsecured Debentures

DBRS has today assigned a new rating of BBB (low), with a Stable trend, to the $135 million 4.099% Series A Senior Unsecured Debentures due December 10, 2018 (the Bonds), issued by Morguard Corporation (Morguard or the Company).

The Bonds are direct senior unsecured obligations of Morguard and rank equally and rateably with all other unsecured and unsubordinated indebtedness of the Company. DBRS understands that the net proceeds from the offering will be used for the repayment of indebtedness under Morguard’s operating lines of credit and for general corporate purposes.

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

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

The applicable methodology is Rating Entities in the Real Estate Industry (October 2013), which can be found on our website under Methodologies.

The rating is endorsed by DBRS Ratings Limited for use in the European Union.