DBRS Morningstar Assigns Rating of BBB With a Stable Trend to CT Real Estate Investment Trust's $250 Million 3.029% Series H Senior Unsecured Debentures

DBRS Limited (DBRS Morningstar) assigned a rating of BBB with a Stable trend to CT Real Estate Investment Trust’s (CT REIT or the Trust) $250 million 3.029% Series H Senior Unsecured Debentures, due February 5, 2029 (the Series H Debentures). The assigned rating is based on the rating of the already-outstanding series of Senior Unsecured Debentures.

The Series H Debentures are direct senior unsecured obligations of CT REIT and rank equally and rateably with all other unsecured and unsubordinated indebtedness of the Trust, to the extent prescribed by law. DBRS Morningstar understands that the net proceeds from the offering will be used to redeem all of the Trust’s outstanding 2.852% Series A Senior Unsecured Debentures due June 9, 2022, and to pay down certain amounts outstanding under its credit facilities with the balance of the proceeds to be retained for general business 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.

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), Rating Companies in the Merchandising Industry (July 26, 2021; https://www.dbrsmorningstar.com/research/382073), 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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