DBRS Assigns BBB (high) Rating to RioCan REIT’s $300 Million Series Y Senior Unsecured Debentures

DBRS Limited (DBRS) has today assigned a rating of BBB (high) with a Stable trend to the $300 million 2.83% Series Y Senior Unsecured Debentures (Series Y Bonds) due October 3, 2022, issued by RioCan Real Estate Investment Trust (RioCan or the Trust).

The Series Y Bonds will be direct senior unsecured obligations of RioCan and will rank equally and rateably with all other unsecured and unsubordinated indebtedness of the Trust, except to the extent prescribed by law.

DBRS understands that the net proceeds from the offering will be used to fund development, to acquire property and to repay certain indebtedness, including indebtedness incurred in the ordinary course under RioCan’s operating lines of credit. The balance will be used for general trust purposes.

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

The applicable methodologies are Rating Entities in the Real Estate Industry (June 2016) and Preferred Share and Hybrid Criteria for Corporate Issuers (December 2016), 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.