DBRS Confirms Brookfield Office Properties Inc.’s Senior Unsecured Notes Rating at BBB and Cumulative Redeemable Preferred Shares, Class AAA at Pfd-3, Both with Stable Trends

DBRS Limited (DBRS) confirmed Brookfield Office Properties Inc.’s (BPO) Senior Unsecured Notes (the Notes) rating at BBB and Cumulative Redeemable Preferred Shares, Class AAA (the Preferred Shares) rating at Pfd-3, both with Stable trends. The ratings are based on downstream guarantees provided by Brookfield Property Partners L.P. (BPY; Senior Unsecured Debt rating of BBB with a Stable trend by DBRS; see the BPY press release dated May 2, 2018) for the benefit of the Notes and the Preferred Shares outstanding at BPO (the Guarantees). DBRS is of the view that the Guarantees are consistent with “DBRS Criteria: Guarantees and Other Forms of Support,” and as a result, the Guarantees allow for the flow-through of BPY’s Senior Unsecured Debt rating to the ratings of the outstanding Notes and Preferred Shares of its subsidiary, BPO.

Notes:
The principal methodologies are Rating Entities in the Real Estate Industry (April 2018) and DBRS Criteria: Guarantees and Other Forms of Support (January 2018), which can be found on www.dbrs.com under Methodologies.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

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

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