DBRS Limited (DBRS Morningstar) assigned a rating of BBB (high) with a Stable trend to H&R Real Estate Investment Trust’s (H&R or the Trust) CAD 300 million 2.633% Series S Senior Unsecured Debentures, Due February 19, 2027 (the Series S Debentures). The assigned rating is based on the rating of the already-outstanding series of Senior Unsecured Debentures.
The Series S Debentures are direct senior unsecured obligations of the Trust and rank equally and rateably with all other senior unsecured debt securities of H&R and with all other unsecured and unsubordinated indebtedness of the Trust. DBRS Morningstar understands that the net proceeds from the offering will be used to repay outstanding indebtedness and for general trust purposes.
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.
All figures are in Canadian dollars unless otherwise noted.
The principal methodologies are Rating Entities in the Real Estate Industry (June 4, 2020) and DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 2, 2020), which can be found on dbrsmorningstar.com under Methodologies & Criteria. Other applicable methodologies include the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (February 3, 2021), 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.
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