DBRS Assigns BBB Ratings with Stable Trends to Brookfield Property Finance ULC’s CAD 100 Million Reopening of the Series 1 Senior Unsecured Notes and CAD 400 Million Series 2 Senior Unsecured Notes

DBRS Limited (DBRS) assigned ratings of BBB to Brookfield Property Finance ULC’s (BPF or the Company) $100 million re-opening of the 4.346% Series 1 Senior Unsecured Notes, due July 3, 2023 (the Series 1 Notes – Reopening), and $400 million 4.115% Series 2 Senior Unsecured Notes, due October 19, 2021 (the Series 2 Notes). All trends are Stable. The ratings being assigned are based upon the rating on the already-outstanding series of the Senior Unsecured Notes (based on the credit risk profile of Brookfield Property Partners L.P. (rated BBB with a Stable trend by DBRS); please refer to the press release published on June 28, 2018, for additional rating rationale).

On July 3, 2018, BPF originally issued $300 million 4.346% Series 1 Senior Unsecured Notes, due July 3, 2023 (the Series 1 Notes – Original). The Series 1 Notes – Original are rated BBB with a Stable trend by DBRS. DBRS notes that the Series 1 Notes – Reopening do not change the rating assigned to the Series 1 Notes – Original. After giving effect to this reopening, an aggregate of $400 million 4.346% Series 1 Senior Unsecured Notes will be outstanding.

The Series 1 Notes – Reopening and the Series 2 Notes are fully and unconditionally guaranteed by Brookfield Property Partners L.P. (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. The Series 1 Notes – Reopening and the Series 2 Notes are direct, unsecured obligations of BPF and will rank equally and rateably with all other unsubordinated and unsecured indebtedness of the Company.

DBRS understands that the net proceeds from the offering will be used for 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 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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