DBRS Morningstar Assigns Rating of BBB (low), Stable, to Brookfield Property Finance ULC’s $500 Million 4.00% Series 6 Senior Unsecured Notes

DBRS Limited (DBRS Morningstar) assigned a rating of BBB (low) with a Stable trend to Brookfield Property Finance ULC’s (BPF or the Company) $500 million 4.00% Series 6 Senior Unsecured Notes, due September 30, 2026 (the Series 6 Notes). The rating being assigned is based upon the rating on the already-outstanding series of Senior Unsecured Notes.

The Series 6 Notes are fully and unconditionally guaranteed by Brookfield Property Partners L.P. (rated BBB (low) with a Stable trend by DBRS Morningstar), Brookfield Property L.P., Brookfield BPY Holdings Inc., Brookfield BPY Retail Holdings II Inc., BPY Bermuda Holdings Limited, BPY Bermuda Holdings II Limited, BPY Bermuda Holdings IV Limited, BPY Bermuda Holdings V Limited, and BPY Bermuda Holdings VI Limited. The Series 6 Notes are direct unsecured obligations of BPF and rank equally and rateably with all other unsecured and unsubordinated indebtedness of the Company.

DBRS Morningstar understands the net proceeds from the offering will be used for the financing and refinancing of recently completed and future Eligible Green Projects, including the development and redevelopment of such projects.

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 (April 23, 2021; https://www.dbrsmorningstar.com/research/377358), DBRS Morningstar Criteria: Guarantees and Other Forms of Support (May 31, 2021; https://www.dbrsmorningstar.com/research/379424), and DBRS Morningstar Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (November 2, 2020; https://www.dbrsmorningstar.com/research/369165), 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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