DBRS Morningstar Assigns Rating of BBB with a Negative Trend to Brookfield Property Finance ULC’s 3.926% Series 5 Senior Unsecured Notes, Due August 24, 2025

DBRS Limited (DBRS Morningstar) assigned a rating of BBB with a Negative trend to Brookfield Property Finance ULC’s (BPF or the Company) $500 Million 3.926% Series 5 Senior Unsecured Notes, Due August 24, 2025 (the Series 5 Notes). The rating being assigned is based upon the rating on the already-outstanding series of Senior Unsecured Notes.

The Series 5 Notes will be fully and unconditionally guaranteed by Brookfield Property Partners L.P. (rated BBB with a Negative trend by DBRS Morningstar), Brookfield Property L.P., Brookfield BPY Holdings Inc., Brookfield BPY Retail Holdings II Inc., BPY Bermuda Holdings Limited, BPY Bermuda Holdings II Limited, BPY Bermuda Holdings IV Limited, BPY Bermuda Holdings V Limited, and BPY Bermuda Holdings VI Limited (collectively, the Guarantors). The Series 5 Notes will be direct unsecured obligations of BPF and will rank equally and rateably with all other unsecured and unsubordinated indebtedness of the Company.

DBRS Morningstar understands the net proceeds from the offering will be used for the financing and refinancing of recently completed and future eligible green projects, including the development and redevelopment of such projects, and for general corporate purposes.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.

Notes:
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), DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 25, 2019), and DBRS Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (November 1, 2019), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

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 www.dbrsmorningstar.com or contact us at [email protected].

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