DBRS Rates RioCan’s $175 Million Reopening of Series Q Senior Unsecured Debentures at BBB (high), Stable

DBRS Limited (DBRS) has today assigned a rating of BBB (high), with a Stable trend, to RioCan Real Estate Investment Trust’s (RioCan) $175 million reopening of Series Q Senior Unsecured Debentures, due June 28, 2019 (Series Q Bonds). The original issuance $150 million which closed on June 28, 2012, and the last reopening of $25 million which closed on July 19, 2012, were rated BBB (high) with Stable trends by DBRS. DBRS notes that this subsequent reopening of the Series Q Bonds does not change the previously assigned ratings.

An aggregate of $350 million of Series Q Bonds will be outstanding after giving effect to this offering. DBRS understands that RioCan will use the net proceeds to fund development, for property acquisitions, to repay certain indebtedness, including indebtedness incurred in the ordinary course under RioCan’s operating lines of credit and the balance for general trust purposes. The Series Q Bonds will rank equally and rateably with the existing Senior Unsecured Debentures of RioCan.

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 methodologies are Rating Entities in the Real Estate Industry (October 2013), and Preferred Share and Hybrid Criteria for Corporate Issuers (January 2015) which can be found on our website under Methodologies.