Press Release

DBRS Morningstar Assigns Rating of AA (low), Stable, to Series 12 Senior Unsecured Debentures of OMERS Realty Corporation

Real Estate
June 22, 2020

DBRS Limited (DBRS Morningstar) assigned a rating of AA (low) with a Stable trend to OMERS Realty Corporation’s (ORC or the Corporation; rated AA (low) with a Stable trend by DBRS Morningstar) $400 Million 1.298% Series 12 Senior Unsecured Debentures, due September 22, 2023 (the Series 12 Debentures). The rating being assigned is based on the rating of an already-outstanding series of the above-mentioned debt instrument. In addition, the assigned rating incorporates DBRS Morningstar’s review of the Final Term Sheet, dated June 16, 2020; the Eighth Supplemental Indenture, dated June 22, 2020; the Trust Indenture, dated June 5, 2013; and such other information provided verbally and in writing by ORC and its representatives to DBRS Morningstar as of June 19, 2020.

The Series 12 Debentures are direct unsecured obligations of ORC and rank pari passu with all other present and future unsecured and unsubordinated indebtedness of the Corporation. The Series 12 Debentures are not guaranteed by OMERS Administration Corporation (rated AAA with a Stable trend by DBRS Morningstar).

DBRS Morningstar understands that the net proceeds from the sale of the Series 12 Debentures are being used to repay certain indebtedness of ORC.

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 (June 4, 2020); DBRS Morningstar Criteria: Guarantees and Other Forms of Support (January 22, 2020); 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 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.

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