DBRS Announces Methodology Change for Canadian First Mortgage Bonds

DBRS Limited (DBRS) announced a methodology change for Canadian first mortgage bonds, which are now covered by the recently released “North American Single-Asset/Single-Borrower Methodology” (the SASB Methodology). The Canadian first mortgage bonds were previously covered by Appendix B – Property Financing (First Mortgage Bonds) within the “Rating Corporate Real Estate Entities” methodology, which is expected to be archived.

As a result of the use of the SASB Methodology, combined with a credit event and a sale in process, DBRS confirmed the ratings on six of the nine Canadian first mortgage bonds outstanding, placed two Under Review with Developing Implications and downgraded one.

DBRS confirmed the ratings on the Canadian first mortgage bonds issued by the following issuers:

-- Bankers Hall LP
-- Bow Centre Street Limited Partnership
-- Fifth Avenue LP & ARI 5AP Investments LP
-- Ontrea Inc. and OPB (155 Wellington) Inc. (RBC Centre)
-- SEC LP and ARCI Ltd (Suncor Energy Centre)
-- West Edmonton Mall Property Inc.

DBRS placed the ratings on the Canadian first mortgage bonds issued by the following issuers Under Review with Developing Implications:

-- OMERS Realty Corporation, 9856889 Canada Inc. and Canada Pension Plan Investment Board Real Estate Holdings Inc. (Centennial Place)
-- SP Limited Partnership, SP1 Limited Partnership, KS SP Limited Partnership, KS SP1 Limited Partnership, ARI SP Limited Partnership and ARI SP1 Limited Partnership (Scotia Plaza)

DBRS downgraded the rating on the Canadian first mortgage bonds issued by the following issuer:

-- Ontrea Inc. (Lime Ridge Mall)

For additional information on each rating action, please refer to the press releases related to each issuer above, published concurrently with this announcement.

Notes:
DBRS criteria and methodologies are publicly available on its website www.dbrs.com under Methodologies.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com