DBRS Assigns BBB, Stable Rating to Brookfield Property Finance ULC’s CAD 350 Million 4.30% Series 3 Senior Unsecured Notes

DBRS Limited (DBRS) assigned a rating of BBB with a Stable trend to Brookfield Property Finance ULC’s (BPF or the Company) CAD 350 Million 4.30% Series 3 Senior Unsecured Notes, Due March 1, 2024 (the Series 3 Notes). The rating being assigned is based upon the rating on the already-outstanding series of 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).

The Series 3 Notes are fully and unconditionally guaranteed by Brookfield Property Partners L.P., 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 3 Notes are direct unsecured obligations of BPF and rank equally and rateably with all other unsecured and unsubordinated debt of the Company.

DBRS understands 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 2019) and DBRS Criteria: Rating Corporate Holding Companies and Their Subsidiaries (November 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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