Press Release

DBRS Morningstar Assigns Credit Ratings of BB (high) with a Stable Trend to Morguard Corporation’s CAD 175 Million 9.500% Series H Senior Unsecured Debentures

Real Estate
September 27, 2023

DBRS Limited (DBRS Morningstar) assigned a credit rating of BB (high) with a Stable trend to Morguard Corporation’s (Morguard) CAD 175 million 9.500% Series H Senior Unsecured Debentures, due September 26, 2026 (the Series H Debentures). The credit rating assigned to this newly issued debt instrument is based on the rating of an already-outstanding series of the above-mentioned debt instrument.

The Series H Debentures are direct senior unsecured obligations of Morguard and rank equally and rateably with one another and with all other unsecured and unsubordinated nonconsolidated indebtedness of Morguard, except to the extent prescribed by law.

DBRS Morningstar understands the net proceeds from the offering will be used toward the repayment on maturity of the $175 million principal amount of its 4.402% Series G Senior Unsecured Debentures, due September 28, 2023.

There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

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 (July 4, 2023).

All figures are in Canadian dollars unless otherwise noted.

DBRS Morningstar applied the following principal methodologies:
-- Global Methodology for Rating Entities in the Real Estate Industry (April 11, 2023),

-- DBRS Morningstar Global Criteria: Recovery Ratings for Non-Investment-Grade Corporate Issuers (August 30, 2023),

The credit rating methodologies used in the analysis of this transaction can be found at:

A description of how DBRS Morningstar analyzes corporate finance transactions and how the methodologies are collectively applied can be found at:

The conditions that lead to the assignment of a Negative or Positive trend are generally resolved within a 12-month period. DBRS Morningstar trends and credit ratings are under regular surveillance.

Information regarding DBRS Morningstar credit ratings, including definitions, policies, and methodologies, is available on or contact us at

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Toronto, ON M5H 3M7 Canada
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