DBRS Places First Capital Realty Inc.’s Senior Unsecured Debentures Under Review – Developing Following Announced Pursuit of REIT Conversion

DBRS Limited (DBRS) placed First Capital Realty Inc.’s (the Company) Senior Unsecured Debentures rating of BBB (high), Stable, Under Review with Developing Implications following the Company’s announcement of its intention to pursue a conversion to a real estate investment trust (REIT) structure (the Transaction).

The Under Review – Developing status reflects the Company’s conversion to a REIT structure and uncertainty regarding the details of the reorganization vis-à-vis the implications for the Company’s Senior Unsecured Debentures. DBRS will aim to resolve the Under Review status as specific information becomes available, no later than closing of the Transaction.

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: Rating Corporate Holding Companies and Their Subsidiaries (November 2018), DBRS Criteria: Guarantees and Other Forms of Support (January 2019) and DBRS Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (November 2018), which can be found on dbrs.com under Methodologies & Criteria.

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.

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

DBRS Limited
DBRS Tower, 181 University Avenue, Suite 700
Toronto, ON M5H 3M7 Canada