Press Release

DBRS Morningstar Assigns Rating of BBB (low), Stable, to Crombie Real Estate Investment Trust’s $150 Million 3.917% Series G Senior Unsecured Notes

Real Estate
December 20, 2019

DBRS Limited (DBRS Morningstar) assigned a rating of BBB (low) with a Stable trend to Crombie Real Estate Investment Trust’s (Crombie or the Trust) $150 million 3.917% Series G Senior Unsecured Notes due June 21, 2027 (the Series G Notes). The assigned rating is based on the rating of the already-outstanding series of Senior Unsecured Notes.

The Series G 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 G Notes are direct senior unsecured obligations of Crombie and rank equally and ratably in right of payment with all other unsecured and unsubordinated indebtedness of the Trust.

DBRS Morningstar understands that the net proceeds of the offering will be used to repay existing debt, which may include the repayment of near-term mortgages.

All figures are in Canadian dollars unless otherwise noted.

The principal methodologies are Rating Entities in the Real Estate Industry, DBRS Morningstar Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers, DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships, and DBRS Criteria: Guarantees and Other Forms of Support, which can be found on under Methodologies & Criteria.

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