DBRS Morningstar Notes BCI QuadReal Realty’s Commercial Paper Limit Increase

DBRS Limited (DBRS Morningstar) notes that BCI QuadReal Realty (BQR; rated AA (low) with a Stable trend) increased the limit on its Commercial Paper (CP) program to $2.0 billion from $1.5 billion. The DBRS Morningstar rating on BQR’s CP program is R-1 (low) with a Stable trend. The program continues to have 100% CP liquidity backup provided by a syndicated credit facility expiring in 2023.

Based on its review, DBRS Morningstar is satisfied that BQR’s revised CP program limit and its credit facility meet DBRS Morningstar’s requirements with respect to “DBRS Morningstar Criteria: Commercial Paper Liquidity Support for Nonbank Issuers.” DBRS Morningstar is of the view that the increase in the CP program limit has no impact on the credit profile of BQR.

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.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The principal methodologies are Rating Entities in the Real Estate Industry (June 4, 2020; https://www.dbrsmorningstar.com/research/362015), DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 2, 2020; https://www.dbrsmorningstar.com/research/369167), DBRS Morningstar Criteria: Guarantees and Other Forms of Support (January 14, 2021; https://www.dbrsmorningstar.com/research/372344) and DBRS Morningstar Criteria: Commercial Paper Liquidity Support for Nonbank Issuers (March 9, 2021; https://www.dbrsmorningstar.com/research/375001), 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; https://www.dbrsmorningstar.com/research/373262).

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.

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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