DBRS Rates RioCan’s $100 Million Reopening of Series V Senior Unsecured Debentures at BBB (high), Stable

DBRS has today assigned a rating of BBB (high) with a Stable trend to RioCan Real Estate Investment Trust’s (RioCan) $100 million re-opening of Series V Senior Unsecured Debentures, due May 30, 2022 (Series V Bonds). DBRS rated the original issuance ($150 million) at BBB (high) with a Stable trend on May 27, 2014. DBRS notes that this re-opening of Series V Bonds does not change the previously assigned rating.

An aggregate of $250 million of Series V Bonds will be outstanding after giving effect to this offering. DBRS understands that the net proceeds from this issuance will be used by RioCan to fund development, for property acquisitions, to repay indebtedness and for general trust purposes. The Series V Bonds will rank equally and rateably with the existing Senior Unsecured Debentures.

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

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

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

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.