DBRS Confirms Rating on Ontrea Inc. and OPB (155 Wellington) Inc. (RBC Centre) at AA, Stable Trend

DBRS Limited (DBRS) has today confirmed its rating on the $300 million 4.619% First Mortgage Bonds (the Bonds) of Ontrea Inc. (Ontrea) and OPB (155 Wellington) Inc. (collectively, the Issuers), secured by RBC Centre (the Complex), at AA with a Stable trend. DBRS notes that RBC Centre and the Bonds are not held in a special-purpose vehicle but are held directly by Ontrea Inc. and OPB (155 Wellington) Inc., a wholly owned subsidiary of the Ontario Pension Board (OPB). As the Bonds are direct obligations of the Issuers, the rating confirmation reflects the probability of an event of default at the Issuers’ level, despite the fact that recourse for the Bonds is limited to the Issuers’ interest in the Complex and there is no recourse to the Issuers.

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.