Press Release

DBRS Morningstar Finalizes Provisional Rating on Crombie REIT’s Series J Senior Unsecured Notes

Real Estate
August 12, 2021

DBRS Limited (DBRS Morningstar) finalized its provisional rating of BBB (low) with a Negative trend on Crombie Real Estate Investment Trust’s (Crombie or the Trust) $150 million 3.133% Series J Senior Unsecured Notes, due August 12, 2031 (the Series J Notes).

The assigned rating is based on the rating of an already-outstanding debt series of the above-mentioned debt instrument.

The Series J 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 J 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 certain indebtedness outstanding under the Trust’s credit facilities 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

All figures are in Canadian dollars unless otherwise noted.

The principal methodologies are Rating Entities in the Real Estate Industry (April 23, 2021;, DBRS Morningstar Criteria: Guarantees and Other Forms of Support (May 31, 2021;, and DBRS Morningstar Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (November 2, 2020;, which can be found on 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;

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release:

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

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