DBRS Assigns BBB (low) Rating with a Stable Trend to Morguard Corporation’s CAD 225 Million 4.715% Series E Senior Unsecured Debentures

DBRS Limited (DBRS) assigned a rating of BBB (low) with a Stable trend to Morguard Corporation’s (Morguard) CAD 225 million 4.715% Series E Senior Unsecured Debentures, Due January 25, 2024 (the Series E Debentures). The rating being assigned is based on the rating of the already-outstanding series of Senior Unsecured Debentures.

The Series E Debentures are direct senior unsecured obligations of Morguard and rank equally and rateably with one another and with all other unsecured and unsubordinated non-consolidated indebtedness of Morguard, except to the extent prescribed by law.

DBRS understands the net proceeds from the offering will be used to repay indebtedness under operating lines of credit and for general corporate purposes.

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

The principal methodology is Rating Entities in the Real Estate Industry (April 2018), which can be found on dbrs.com under Methodologies & Criteria.

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.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.

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