Press Release

DBRS Morningstar Assigns Rating of BBB, Stable, to First Capital REIT’s Series A Senior Unsecured Debentures Due March 1, 2028

Real Estate
September 01, 2020

DBRS Limited (DBRS Morningstar) assigned a rating of BBB with a Stable trend to First Capital Real Estate Investment Trust’s (First Capital or the Trust) CAD 200 million 3.447% Series A Senior Unsecured Debentures, due March 1, 2028 (the Series A Debentures). The rating of the Series A Debentures is based upon the rating on the already-outstanding series of Senior Unsecured Debentures.

The Series A Debentures are guaranteed by select subsidiaries of First Capital, are direct unsecured obligations of the Trust, and rank equally and rateably with all other present and future unsecured and unsubordinated indebtedness of First Capital. DBRS Morningstar understands that the net proceeds of the offering will be used to repay existing debt.

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: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 25, 2019), DBRS Morningstar Criteria: Guarantees and Other Forms of Support (January 22, 2020), and DBRS Morningstar Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (November 1, 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.

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

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