DBRS Morningstar Assigns Rating of AA (low) with a Stable Trend to Ivanhoé Cambridge II Inc.’s 2.296% Senior Unsecured Debentures, Series 2, Due December 12, 2024

DBRS Limited (DBRS Morningstar) assigned a rating of AA (low) with a Stable trend to Ivanhoé Cambridge II Inc.’s (IC II) $300 million 2.296% Senior Unsecured Debentures, Series 2, due December 12, 2024 (the Series 2 Debentures). The rating of the Series 2 Debentures is based on the rating of the already-outstanding series of Senior Unsecured Debentures.

The Series 2 Debentures are direct, unsubordinated, unsecured obligations of IC II and rank pari passu with all other present and future unsecured, unsubordinated indebtedness of IC II. The Series 2 Debentures are not guaranteed or secured by Caisse de dépôt et placement du Québec (rated AAA with a Stable trend by DBRS Morningstar) or IC II or any of its affiliates or shareholders.

DBRS Morningstar understands that the Series 2 Debentures were issued as Green Bonds under the IC Green Bond Framework and that IC II will use the proceeds to finance or refinance expenditures associated with Eligible Green Projects.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The principal methodologies are Rating Entities in the Real Estate Industry, DBRS Criteria: Guarantees and Other Forms of Support, and DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships, 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 Morningstar 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 [email protected].

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