DBRS Assigns Ratings of AA to bcIMC Realty Corporation’s Medium-Term Notes

DBRS Limited (DBRS) has today assigned ratings of AA with a Stable trend to the $250 million 2.15% Medium-Term Notes, Series A, due August 11, 2022 and $500 million 3.00% Medium-Term Notes, Series B, due March 31, 2027 (collectively the Notes) of bcIMC Realty Corporation (BRC or the Issuer).

The Notes are direct, un subordinated and unsecured obligations of BRC and rank equally in right of payment with all other present and future unsecured, unsubordinated indebtedness of the Issuer, including all notes of BRC issued under the Trust Indenture dated December 22, 2004.

DBRS understands the net proceeds from the sale of the Notes will be used to fund normal course development , acquisitions and for general corporate purposes, including to repay maturing notes due in June 2017 and to return capital to its parent, Realpool Investment Fund.

DBRS notes that there is limited flexibility in the ratings assigned since the financial metrics will be constrained as a result of the use of proceeds to return capital.

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

The principal methodology is Rating Entities in the Real Estate Industry (February 2017) and DBRS Criteria: Guarantees and Other Forms of Support (February 2017), 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.