DBRS Finalizes Provisional Rating of AA (low), Stable, on Ivanhoé Cambridge II Inc.’s Senior Unsecured Debentures

DBRS Limited (DBRS) finalized its provisional rating of AA (low) with a Stable trend on the $500 million 2.909% Series 1 Senior Unsecured Debentures, due June 27, 2023 (the Series 1 Debentures) issued by Ivanhoé Cambridge II Inc. (IC II or the Company).

The Series 1 Debentures are direct, unsubordinated, unsecured obligations of IC II and rank pari passu with all other present and future unsecured, unsubordinated indebtedness of the Company. The Series 1 Debentures are not guaranteed or secured by Caisse de dépôt et placement du Québec (rated AAA with a Stable trend by DBRS) or by Ivanhoé Cambridge Inc., or any of its affiliates or shareholders.

DBRS understands that the net proceeds from the offering will be used to fund capital initiatives, repay property-specific debt and for other general corporate purposes.

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

The principal methodologies are Rating Entities in the Real Estate Industry (April 2018), DBRS Criteria: Guarantees and Other Forms of Support (January 2018) and DBRS Criteria: Rating Corporate Holding Companies and Their Subsidiaries (December 2017), which can be found on 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 under Related Documents 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.

The original presale report published on June 15, 2018, is available by clicking on the link under Related Documents below or by contacting us at info@dbrs.com.