Press Release

DBRS Morningstar Finalizes Provisional Ratings on Crombie REIT’s Series H and Series I Senior Unsecured Debentures

Real Estate
October 09, 2020

DBRS Limited (DBRS Morningstar) finalized its provisional ratings on Crombie Real Estate Investment Trust’s (Crombie or the Trust) CAD 150 million 2.686% Series H Senior Unsecured Notes, Due March 31, 2028 (the Series H Notes) and the CAD 150 million 3.211% Series I Senior Unsecured Notes, Due October 9, 2030 (the Series I Notes) as follows:

-- 2.686% Series H Senior Unsecured Notes, Due March 31, 2028 at BBB (low), Stable
-- 3.211% Series I Senior Unsecured Notes, Due October 9, 2030 at BBB (low), Stable

The ratings assigned to these newly issued debt instruments are based on the rating of an already-outstanding debt series of the above-mentioned debt instrument.

The Series H Notes and Series I 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 H Notes and Series I 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 offerings will be used to repay existing debt, which may include the repayment of near-term mortgages.

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), DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 25, 2019), 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 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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