bcIMC Realty Corporation: Rating Report

On April 29, 2019, DBRS Limited (DBRS) confirmed the ratings on bcIMC Realty Corporation’s (bcIMC Realty or the Company) Medium-Term Notes at AA (low) and Commercial Paper (CP) at R-1 (middle), all with Stable trends. The ratings continue to be supported by DBRS’s view of implicit support provided by bcIMC Realty’s owner, British Columbia Investment Management Corporation (BCI); the Company’s high-quality real estate portfolio with exposure across all four core real estate subsectors; strong market position through BCI’s leading global real estate management platform, QuadReal Property Group Limited Partnership (QuadReal); and diversified tenant base with low counterparty risk. The ratings are constrained by a relatively short lease maturity profile, geography and property concentration risks as well as disproportionate exposure to the Calgary office market.