DBRS Assigns Crombie’s $150 Million Series D Senior Unsecured Notes a Rating of BBB (low), Negative

DBRS Limited (DBRS) assigned a final rating of BBB (low) with a Negative trend to Crombie Real Estate Investment Trust’s (Crombie or the Trust) $150 million 4.066% Series D Senior Unsecured Notes, due November 21, 2022 (the Series D Notes).

The Series D Notes are unconditionally guaranteed, on an unsecured basis, by select subsidiaries of Crombie and are direct senior unsecured obligations of the Trust and rank equally and rateably in right of payment with all other unsecured and unsubordinated indebtedness of the Trust.

DBRS understands that the net proceeds from this issuance will be used to repay short-term indebtedness, indebtedness under the Revolving Credit Facility and the Bilateral Credit Facility, and for general Trust purposes.

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

The principal methodologies are Rating Entities in the Real Estate Industry (April 2017) and DBRS Criteria: Guarantees and other Forms of Support (February 2017), which can be found on dbrs.com under Methodologies.

The rated entity or its related entities did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.

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