DBRS Assigns Rating of AA, Stable, to Ontario Teachers’ Cadillac Fairview Properties Trust’s USD 800 Million 4.125% Senior Notes due 2029

DBRS Limited (DBRS) assigned a rating of AA with a Stable trend to the USD 800 million 4.125% Senior Notes due 2029 (the Notes) issued by Ontario Teachers’ Cadillac Fairview Properties Trust (OT CFPT or the Trust). The rating is based on the rating on the already-outstanding series of Senior Notes.

The Notes are senior unsecured obligations of OT CFPT and rank equally in right of payment with all other senior unsecured indebtedness of the Trust. The Notes are senior in right of payment to any of OT CFPT’s existing or future indebtedness that is expressly subordinated to the Notes and are effectively subordinated to all existing and future indebtedness that is secured, to the extent of the value of the assets securing such indebtedness, and are structurally subordinated to all existing and future indebtedness and other liabilities and any preferred equity of The Cadillac Fairview Corporation Ltd., Ontrea Inc. and CFPT Finance Corp.

DBRS understands the net proceeds from the sale of the Notes will be used to repay debt that OT CFPT owes to Cadillac Fairview Finance Trust pursuant to the Intercompany Trust Notes.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal methodologies are Rating Entities in the Real Estate Industry and DBRS Criteria: Guarantees and Other Forms of Support, 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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