DBRS Finalizes Provisional Rating of BBB, Stable, on Brookfield Property Finance ULC’s Senior Unsecured Notes

DBRS Limited (DBRS) finalized its provisional rating of BBB with a Stable trend on the $300 million 4.346% Series 1 Senior Unsecured Notes, due July 3, 2023 (the Series 1 Notes) issued by Brookfield Property Finance ULC (BPF or the Company).

The Series 1 Notes are fully and unconditionally guaranteed by Brookfield Property Partners L.P. (Senior Unsecured Debt rated BBB with a Stable trend by DBRS), Brookfield Property L.P., Brookfield BPY Holdings Inc., Brookfield BPY Retail Holdings II Inc., BPY Bermuda Holdings Limited, BPY Bermuda Holdings II Limited, BPY Bermuda Holdings IV Limited, BPY Bermuda Holdings V Limited and BPY Bermuda Holdings VI Limited (collectively, the Guarantors). The Series 1 Notes are direct unsecured obligations of BPF and will rank equally with all other unsecured senior indebtedness of the Company and the Guarantors.

DBRS understands that the net proceeds from the offering will be used for general corporate purposes, including to repay existing indebtedness.

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 previous press release on BPF (published on June 28, 2018) providing additional rating rationale as well as the full report on Brookfield Property Partners L.P. providing additional analytical detail are available by clicking on the link under Related Documents below or by contacting us at info@dbrs.com.