DBRS Assigns Rating of BBB (low), Stable Trend, to Crombie Real Estate Investment Trust’s $200 Million 3.677% Series F Senior Unsecured Notes Due August 26, 2026

DBRS Limited (DBRS) assigned a rating of BBB (low) with a Stable trend to Crombie Real Estate Investment Trust’s (Crombie or the Trust) $200 million 3.677% Series F Senior Unsecured Notes due August 26, 2026 (the Series F Notes). The rating being assigned is based upon the rating on the already-outstanding series of Senior Unsecured Notes.

The Series F Notes are unconditionally guaranteed, on an unsecured and unsubordinated basis, by
Crombie Limited Partnership, Crombie Developments Limited, Crombie General Partner Limited, Crombie Management Limited, Crombie Property Holdings II Limited, Crombie Properties II Partnership, Crombie Property Holdings Limited, Snowcat Property Holdings Limited and Crombie Davie Street Limited Partnership. The Series F Notes are direct senior unsecured obligations of Crombie and rank equally and rateably in right of payment with all other unsecured and unsubordinated indebtedness of the Trust.

DBRS understands that the net proceeds of the offering will be used to repay existing debt, including the repayment of the $125 million 2.775% Series C Senior Unsecured Notes due February 10, 2020, scheduled for August 27, 2019, and the balance, if any, 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, DBRS Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers, DBRS Criteria: Rating Corporate Holding Companies and Their Subsidiaries and DBRS Criteria: Guarantees and Other Forms of Support, 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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