DBRS Assigns BBB (low) Rating to Cominar REIT’s $225 Million Series 10 Senior Unsecured Debentures, Stable Trend

DBRS Limited (DBRS) has today assigned a rating of BBB (low), with a Stable trend, to the $225 million 4.247 % Series 10 Senior Unsecured Debentures, due May 23, 2023 (the Bonds), issued by Cominar Real Estate Investment Trust (Cominar or the Trust).

The Bonds are direct senior unsecured obligations of Cominar, and rank equally and rateably with one another and with all other unsecured and unsubordinated indebtedness of the Trust. DBRS understands that the net proceeds from the offering will be used by Cominar to pay down debt outstanding under its unsecured revolving credit facility and to facilitate availability under the unsecured revolving credit facility for the repayment in full of the $250 million aggregate principal amount of Series 6 Senior Unsecured Debentures due September 22, 2016.

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

The applicable methodologies are Rating Entities in the Real Estate Industry (May 2015), and Preferred Share and Hybrid Criteria for Corporate Issuers (January 2016), which can be found on our website under Methodologies.