DBRS Morningstar Assigns Rating of BBB, Stable, to RioCan Real Estate Investment Trust’s Series AF Senior Unsecured Debentures

DBRS Limited (DBRS Morningstar) assigned a rating of BBB with a Stable trend to RioCan Real Estate Investment Trust’s (RioCan or the Trust) $250 million 4.628% Series AF Senior Unsecured Debentures, due May 1, 2029 (the Series AF Debentures). The assigned rating is based upon the rating of an already-outstanding series of the Senior Unsecured Debentures.

The Series AF Debentures are direct senior unsecured obligations of RioCan and rank equally and rateably with all other present and future unsecured and unsubordinated indebtedness of the Trust. DBRS Morningstar understands that the net proceeds from the offering will be used to repay amounts owing under certain credit facilities incurred in the ordinary course and 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 methodology is Rating Entities in the Real Estate Industry (April 23, 2021; https://www.dbrsmorningstar.com/research/377358), 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).

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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