DBRS Assigns Pfd-3 Rating to Brookfield Office Properties Inc.’s $250 Million Class AAA Preference Shares, Series II, Stable Trend

DBRS Limited (DBRS) assigned a rating of Pfd-3 with a Stable trend to the $250 million Class AAA Preference Shares, Series II (Series II Preferred Shares), issued by Brookfield Office Properties Inc. (Brookfield).

The Series II Preferred Shares rank pari passu with Brookfield’s existing Class AAA preference shares, junior to Brookfield’s Class A and Class AA preference shares, and in priority to Brookfield’s Class B preference shares and common shares.

DBRS understands that the net proceeds from the sale of the Series II Preferred Shares will be used for general corporate purposes, including repayment of outstanding debt.

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: Preferred Share and Hybrid Security Criteria for Corporate Issuers (December 2017), which can be found on dbrs.com under Methodologies.

The rated entities 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.