DBRS Confirms Rating on Ontrea Inc. (Lime Ridge Mall) at AA, Stable Trend

DBRS Limited (DBRS) has today confirmed the $181 million 5.317% First Mortgage Bonds (the Bonds) of Ontrea Inc. (the Issuer) secured by Lime Ridge Mall (Lime Ridge or the Shopping Centre) at AA with a Stable trend. DBRS notes that Lime Ridge and the Bonds are not held in a special-purpose vehicle but are held by Ontrea Inc. As the Bonds are direct obligations of the Issuer, the rating confirmation reflects the probability of an event of default at the Issuer level, despite the fact that recourse for the Bonds is limited to the Shopping Centre and there is no recourse to Ontrea Inc.

Notes:
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.

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, which can be found on our website under Methodologies.

The full report providing additional analytical detail is available by clicking on the link under Related Research at the right of the screen or by contacting us at info@dbrs.com.