DBRS Assigns Rating of BBB with a Stable Trend to Brookfield Property Finance ULC’s Re-Opening of the 4.30% Series 3 Senior Unsecured Notes, Due March 1, 2024

DBRS Limited (DBRS) assigned a rating of BBB with a Stable trend to the re-opening of Brookfield Property Finance ULC’s (BPF or the Company) 4.30% Series 3 Senior Unsecured Notes, Due March 1, 2024, for $250 million (the Series 3 Notes Re-Opening). The rating being assigned is based upon the rating on the already-outstanding series of Senior Unsecured Notes.

The Series 3 Notes Re-Opening 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 Re-Opening 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. After giving effect to this offering, an aggregate of $600 million of the 4.30% Series 3 Senior Unsecured Notes, Due March 1, 2024, is outstanding.

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

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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