DBRS Morningstar Assigns Rating of AA (low) with a Stable Trend to AIMCo Realty Investors LP’s $500 Million 2.195% Series 5 Senior Unsecured Debentures

DBRS, Inc. (DBRS Morningstar) assigned a rating of AA (low) with a Stable trend to AIMCo Realty Investors LP’s (AIMCo Realty or the Company) $500 million 2.195% Series 5 Senior Unsecured Debentures (the Series 5 Debentures). The assigned rating is based upon the rating on the already-outstanding series of Senior Unsecured Debentures.

The Series 5 Debentures are direct senior unsecured obligations of AIMCo Realty and are pro rata in rank with the Company’s other present and future unsecured and senior debt. An amount equal to the net proceeds of the offering will finance and/or refinance eligible green projects described in the Company’s recently announced Green Financing Framework. Before the net proceeds of the offering go to eligible green projects, AIMCo Realty may use the net proceeds of the offering to repay existing debt, including under its senior credit facility, and for general corporate purposes. AIMCo Realty intends to utilize the net proceeds of the offering within 36 months of issuance.

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) and DBRS Morningstar Criteria: Guarantees and Other Forms of Support (May 31, 2021; https://www.dbrsmorningstar.com/research/379424), 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).

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 www.dbrsmorningstar.com or contact us at [email protected].

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