Press Release

DBRS Morningstar Assigns Rating of BB (high), Stable to Cominar REIT’s Series 12 Senior Unsecured Debentures

Real Estate
May 04, 2020

DBRS Limited (DBRS Morningstar) assigned a rating of BB (high) with a Stable trend to the 5.95% CAD $150 million Series 12 Senior Unsecured Debentures due May 5, 2025 (the Debentures) issued by Cominar Real Estate Investment Trust (Cominar or the Trust).

The rating assigned to this debt instrument is based on the ratings of already-outstanding debt series of the above-mentioned debt instrument.

The Debentures are direct senior unsecured obligations of Cominar and rank equally and rateably with all other unsecured and unsubordinated indebtedness of the Trust. DBRS Morningstar understands that Cominar intends to use the net proceeds from the offering together with available liquidities for the full repayment of the $300 million aggregate principal amount of Series 4 Senior Unsecured Debentures due July 27, 2020.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at:

All figures are in Canadian dollars unless otherwise noted.

The principal methodologies are Rating Entities in the Real Estate Industry (April 23, 2019), DBRS Morningstar Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (November 1, 2019), and DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 25, 2019), which can be found on under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release:

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at [email protected].

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.

Generally, the conditions that lead to the assignment of a Negative or Positive trend are resolved within a 12-month period. DBRS Morningstar trends and ratings are under regular surveillance.

For more information on this credit or on this industry, visit or contact us at [email protected].

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